Salesforce, Inc. (NYSE:CRM) Shares Bought by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC boosted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,679 shares of the CRM provider’s stock after acquiring an additional 75 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Salesforce were worth $1,007,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Prentice Wealth Management LLC lifted its position in Salesforce by 1.5% during the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after acquiring an additional 37 shares during the period. Pinnacle Wealth Planning Services Inc. raised its stake in shares of Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after buying an additional 38 shares in the last quarter. Fulton Bank N.A. raised its stake in shares of Salesforce by 0.4% during the 3rd quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock worth $2,537,000 after buying an additional 38 shares in the last quarter. CRA Financial Services LLC raised its stake in shares of Salesforce by 3.4% during the 3rd quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock worth $318,000 after buying an additional 38 shares in the last quarter. Finally, Boomfish Wealth Group LLC raised its stake in shares of Salesforce by 0.4% during the 3rd 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 in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Trading Down 1.6 %

Salesforce stock traded down $4.80 during midday trading on Thursday, reaching $291.60. The stock had a trading volume of 646,007 shares, compared to its average volume of 6,269,714. Salesforce, Inc. has a twelve month low of $198.66 and a twelve month high of $318.71. The stock has a market capitalization of $278.77 billion, a PE ratio of 51.59, 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 quick ratio of 1.04 and a current ratio of 1.04. The stock’s 50-day simple moving average is $271.75 and its 200 day simple moving average is $263.02.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.63 earnings per share. Analysts expect that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRM. Wedbush increased their target price on Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Oppenheimer reissued an “outperform” rating and set a $330.00 target price (up from $300.00) on shares of Salesforce in a research note on Thursday, October 24th. Roth Mkm reissued a “buy” rating and set a $335.00 target price on shares of Salesforce in a research note on Thursday, August 29th. Sanford C. Bernstein increased their target price on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, Erste Group Bank reaffirmed a “hold” rating on shares of Salesforce in a research note on Wednesday, September 11th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $313.37.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 2,800 shares of Salesforce 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 sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $28,362,888.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Parker Harris sold 2,800 shares of Salesforce stock in a transaction that occurred 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 completion of the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $28,362,888.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 148,303 shares of company stock valued at $42,024,385. 3.20% of the stock is currently owned by insiders.

About Salesforce

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.