BlackDiamond Wealth Management LLC Acquires New Holdings in Salesforce, Inc. (NYSE:CRM)

BlackDiamond Wealth Management LLC bought a new position in Salesforce, Inc. (NYSE:CRM) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 930 shares of the CRM provider’s stock, valued at approximately $268,000.

Several other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new position in shares of Salesforce during the 4th quarter valued at about $2,762,331,000. Cerity Partners LLC grew its position in shares of Salesforce by 1,254.7% in the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after purchasing an additional 3,226,512 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Salesforce by 23,653.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,406,220 shares of the CRM provider’s stock worth $370,033,000 after purchasing an additional 1,400,300 shares during the period. Lone Pine Capital LLC lifted its position in shares of Salesforce by 47.5% during the 3rd quarter. Lone Pine Capital LLC now owns 2,499,630 shares of the CRM provider’s stock worth $506,875,000 after purchasing an additional 804,634 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Salesforce by 5.3% during the 4th quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after purchasing an additional 752,566 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Piper Sandler reiterated a “neutral” rating and set a $300.00 price target on shares of Salesforce in a report on Monday, April 15th. Robert W. Baird boosted their price objective on shares of Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. JMP Securities reiterated a “market outperform” rating and issued a $342.00 target price on shares of Salesforce in a research note on Monday, April 15th. Wolfe Research reissued an “outperform” rating and set a $365.00 price objective on shares of Salesforce in a report on Tuesday, April 16th. Finally, Argus lifted their price target on shares of Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $310.94.

Salesforce Trading Down 1.8 %

NYSE:CRM traded down $5.10 during mid-day trading on Thursday, hitting $278.72. The company had a trading volume of 3,062,313 shares, compared to its average volume of 5,288,095. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The firm has a market cap of $269.80 billion, a P/E ratio of 66.93, a P/E/G ratio of 2.51 and a beta of 1.30. The business’s fifty day moving average is $287.88 and its two-hundred day moving average is $273.68.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the company earned $1.01 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, research analysts expect that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date was Wednesday, March 13th. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Insider Buying and Selling

In other news, insider Srinivas Tallapragada sold 2,474 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $295.59, for a total transaction of $731,289.66. Following the completion of the transaction, the insider now directly owns 60,416 shares in the company, valued at approximately $17,858,365.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 2,474 shares of Salesforce stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $295.59, for a total transaction of $731,289.66. Following the sale, the insider now directly owns 60,416 shares of the company’s stock, valued at approximately $17,858,365.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 630,182 shares of company stock worth $183,257,351. 3.20% of the stock is owned by corporate insiders.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.