Elite Wealth Management Inc. Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

Elite Wealth Management Inc. lifted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 1.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 19,368 shares of the CRM provider’s stock after acquiring an additional 211 shares during the period. Salesforce accounts for 0.7% of Elite Wealth Management Inc.’s portfolio, making the stock its 16th largest position. Elite Wealth Management Inc.’s holdings in Salesforce were worth $5,301,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Piscataqua Savings Bank increased its position in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares in the last quarter. Clear Investment Research LLC grew its stake in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the period. Stephens Consulting LLC increased its position in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Salesforce in the 2nd quarter valued at $33,000. Finally, Godsey & Gibb Inc. lifted its holdings in shares of Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 90 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the transaction, the insider now directly owns 828 shares of the company’s stock, valued at approximately $202,702.68. This trade represents a 75.00 % 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 the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on 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 transaction, the chief accounting officer now owns 7,006 shares in the company, valued at $1,998,741.74. This represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 144,510 shares of company stock worth $42,475,538 in the last quarter. Insiders own 3.20% of the company’s stock.

Salesforce Stock Down 3.8 %

Shares of CRM opened at $330.01 on Thursday. The business’s 50 day simple moving average is $299.57 and its 200-day simple moving average is $269.87. Salesforce, Inc. has a one year low of $212.00 and a one year high of $348.86. The company has a market capitalization of $315.49 billion, a P/E ratio of 57.39, a PEG ratio of 3.07 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

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

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is currently 27.83%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CRM. Cfra set a $343.00 price objective on shares of Salesforce in a report on Thursday, October 17th. Bank of America increased their price target on Salesforce from $325.00 to $390.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Needham & Company LLC restated a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a report on Friday, September 20th. Northland Securities raised Salesforce from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $270.00 to $400.00 in a report on Wednesday, October 2nd. Finally, BNP Paribas upgraded shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $341.89.

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.