CCG Wealth Management LLC Purchases Shares of 731 Salesforce, Inc. (NYSE:CRM)

CCG Wealth Management LLC purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM) in the first quarter, HoldingsChannel.com reports. The firm purchased 731 shares of the CRM provider’s stock, valued at approximately $220,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. acquired a new position in shares of Salesforce during the fourth quarter worth about $26,000. Signature Resources Capital Management LLC acquired a new position in shares of Salesforce during the fourth quarter worth about $26,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Salesforce during the fourth quarter worth about $31,000. Pacifica Partners Inc. lifted its stake in shares of Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Finally, BKM Wealth Management LLC acquired a new position in shares of Salesforce during the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Parker Harris sold 5,600 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $250.17, for a total transaction of $1,400,952.00. Following the completion of the sale, the insider now owns 116,693 shares in the company, valued at approximately $29,193,087.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the sale, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The disclosure for this sale can be found here. Insiders sold 507,934 shares of company stock valued at $139,262,073 in the last three months. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CRM shares. Oppenheimer reduced their price objective on Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Raymond James reiterated a “strong-buy” rating and issued a $325.00 price target (down previously from $380.00) on shares of Salesforce in a research note on Thursday, May 30th. Truist Financial reiterated a “buy” rating and issued a $300.00 price target (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Robert W. Baird cut their price target on Salesforce from $355.00 to $295.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $292.79.

Salesforce Stock Performance

Shares of NYSE:CRM traded down $0.89 during trading on Monday, hitting $256.21. 5,869,920 shares of the company traded hands, compared to its average volume of 6,977,129. The stock has a market capitalization of $248.27 billion, a price-to-earnings ratio of 46.08, a PEG ratio of 2.26 and a beta of 1.29. The business’s fifty day moving average is $259.79 and its 200-day moving average is $276.47. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same period in the prior year, the company earned $1.15 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Tuesday, July 9th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date is Tuesday, July 9th. Salesforce’s dividend payout ratio (DPR) is 7.19%.

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.