Redwood Investment Management LLC Invests $2.04 Million in Salesforce, Inc. (NYSE:CRM)

Redwood Investment Management LLC purchased a new position in Salesforce, Inc. (NYSE:CRM) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,768 shares of the CRM provider’s stock, valued at approximately $2,038,000.

A number of other hedge funds have also modified their holdings of the stock. AlphaMark Advisors LLC increased its position in Salesforce by 892.9% during the fourth quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock worth $37,000 after buying an additional 125 shares during the last quarter. Pinnacle Associates Ltd. increased its position in Salesforce by 0.7% during the fourth quarter. Pinnacle Associates Ltd. now owns 31,664 shares of the CRM provider’s stock worth $8,332,000 after buying an additional 206 shares during the last quarter. PFG Advisors increased its position in Salesforce by 3.5% during the fourth quarter. PFG Advisors now owns 1,533 shares of the CRM provider’s stock worth $403,000 after buying an additional 52 shares during the last quarter. AdvisorNet Financial Inc increased its position in Salesforce by 6.0% during the fourth quarter. AdvisorNet Financial Inc now owns 2,856 shares of the CRM provider’s stock worth $752,000 after buying an additional 162 shares during the last quarter. Finally, Argus Investors Counsel Inc. acquired a new position in Salesforce during the fourth quarter worth $982,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRM. Piper Sandler restated a “neutral” rating and set a $250.00 price target on shares of Salesforce in a report on Friday, July 12th. Wolfe Research restated an “outperform” rating and set a $365.00 price target on shares of Salesforce in a report on Tuesday, April 16th. BMO Capital Markets decreased their price target on shares of Salesforce from $335.00 to $265.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Wells Fargo & Company decreased their price target on shares of Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a report on Thursday, May 30th. Finally, Robert W. Baird decreased their price target on shares of Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $292.79.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $257.28, for a total transaction of $1,080,576.00. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at $30,251,239.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 294,242 shares of company stock valued at $78,057,091. 3.20% of the stock is currently owned by insiders.

Salesforce Price Performance

Shares of Salesforce stock traded up $0.87 during midday trading on Wednesday, reaching $258.80. The company had a trading volume of 4,638,778 shares, compared to its average volume of 6,770,589. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $250.78 billion, a price-to-earnings ratio of 46.55, a price-to-earnings-growth ratio of 2.27 and a beta of 1.29. The stock has a fifty day simple moving average of $249.61 and a 200 day simple moving average of $275.25. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71.

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

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.62%. Salesforce’s payout ratio is presently 28.78%.

Salesforce 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.