SteelPeak Wealth LLC Cuts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

SteelPeak Wealth LLC cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 82.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,731 shares of the CRM provider’s stock after selling 82,294 shares during the period. SteelPeak Wealth LLC’s holdings in Salesforce were worth $4,860,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Salesforce by 1.2% during the first quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after acquiring an additional 1,008,841 shares during the last quarter. Capital Research Global Investors increased its stake in Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after acquiring an additional 3,044,611 shares during the last quarter. Capital International Investors raised its holdings in Salesforce by 3.0% in the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after buying an additional 407,834 shares during the period. Legal & General Group Plc lifted its holdings in shares of Salesforce by 2.2% in the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after acquiring an additional 176,641 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Salesforce by 48.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after purchasing an additional 1,922,674 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of research reports. Canaccord Genuity Group lifted their price objective on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Raymond James lifted their target price on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Bank of America reissued a “buy” rating and set a $325.00 price target on shares of Salesforce in a research report on Friday, September 6th. Erste Group Bank restated a “hold” rating on shares of Salesforce in a report on Wednesday, September 11th. Finally, Loop Capital reaffirmed a “hold” rating and set a $270.00 price objective on shares of Salesforce in a research report on Thursday, September 19th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $313.37.

Salesforce Price Performance

CRM stock traded down $0.37 during midday trading on Wednesday, reaching $298.52. 1,007,645 shares of the stock were exchanged, compared to its average volume of 6,287,832. Salesforce, Inc. has a 52 week low of $198.66 and a 52 week high of $318.71. The company has a fifty day moving average price of $271.04 and a 200 day moving average price of $262.78. 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 stock has a market capitalization of $285.39 billion, a PE ratio of 52.03, a P/E/G ratio of 2.61 and a beta of 1.30.

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

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.54%. Salesforce’s payout ratio is 27.83%.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 2,800 shares of the 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 completion of the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $28,362,888.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Salesforce news, COO Brian Millham sold 4,056 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $261.50, for a total value of $1,060,644.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $28,362,888.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 83,581 shares of company stock valued at $22,616,017 in the last three months. Insiders own 3.20% of the company’s stock.

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.