Edge Wealth Management LLC Decreases Position in Salesforce, Inc. (NYSE:CRM)

Edge Wealth Management LLC cut its stake in shares of Salesforce, Inc. (NYSE:CRM) by 0.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,226 shares of the CRM provider’s stock after selling 309 shares during the period. Salesforce accounts for about 2.6% of Edge Wealth Management LLC’s portfolio, making the stock its 16th biggest position. Edge Wealth Management LLC’s holdings in Salesforce were worth $12,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Zhang Financial LLC raised its holdings in shares of Salesforce by 80.6% in the third quarter. Zhang Financial LLC now owns 6,867 shares of the CRM provider’s stock worth $1,879,000 after buying an additional 3,064 shares during the period. Norway Savings Bank raised its holdings in shares of Salesforce by 2.5% in the third quarter. Norway Savings Bank now owns 9,318 shares of the CRM provider’s stock worth $2,550,000 after buying an additional 231 shares during the period. Boomfish Wealth Group LLC raised its holdings in shares of Salesforce by 0.4% in the third quarter. Boomfish Wealth Group LLC now owns 9,312 shares of the CRM provider’s stock worth $2,549,000 after buying an additional 38 shares during the period. Creative Planning raised its holdings in shares of Salesforce by 8.0% in the third quarter. Creative Planning now owns 233,743 shares of the CRM provider’s stock worth $63,978,000 after buying an additional 17,350 shares during the period. Finally, CX Institutional grew its stake in Salesforce by 2.0% in the third quarter. CX Institutional now owns 5,637 shares of the CRM provider’s stock worth $1,543,000 after purchasing an additional 110 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $28,362,888.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Parker Harris sold 2,800 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at approximately $28,362,888.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Brian Millham sold 8,427 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $280.00, for a total transaction of $2,359,560.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,412 shares of company stock worth $20,212,507. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Down 1.1 %

Shares of CRM stock traded down $3.29 during trading on Tuesday, hitting $288.35. 3,848,315 shares of the stock traded hands, compared to its average volume of 6,463,669. The firm has a market capitalization of $279.41 billion, a P/E ratio of 51.95, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The firm’s fifty day moving average price is $262.99 and its 200-day moving average price is $263.55. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.63 earnings per share. As a group, research analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.55%. Salesforce’s payout ratio is currently 28.78%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CRM shares. Piper Sandler cut Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Bank of America reissued a “buy” rating and issued a $325.00 price objective on shares of Salesforce in a research note on Friday, September 6th. Evercore ISI reissued an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research note on Monday, August 26th. JPMorgan Chase & Co. increased their price objective on Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 target price on shares of Salesforce in a research report on Thursday, September 19th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $310.74.

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.