Peterson Wealth Management Increases Holdings in Salesforce, Inc. (NYSE:CRM)

Peterson Wealth Management increased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 33.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,603 shares of the CRM provider’s stock after purchasing an additional 2,158 shares during the period. Salesforce accounts for about 1.4% of Peterson Wealth Management’s holdings, making the stock its 27th biggest holding. Peterson Wealth Management’s holdings in Salesforce were worth $2,212,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CRM. Norges Bank purchased a new stake in Salesforce during the 4th quarter worth $2,762,331,000. Capital International Investors boosted its position in Salesforce by 76.4% in the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after buying an additional 5,935,973 shares during the last quarter. Capital Research Global Investors boosted its position in Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares during the last quarter. GQG Partners LLC purchased a new position in Salesforce in the 1st quarter valued at about $910,220,000. Finally, Swedbank AB purchased a new position in Salesforce in the 1st quarter valued at about $874,748,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Salesforce

In related news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $240.40, for a total transaction of $673,120.00. Following the completion of the sale, the insider now directly owns 115,762 shares in the company, valued at $27,829,184.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, COO Brian Millham sold 4,056 shares of the firm’s stock in a transaction that occurred on 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 this link. Also, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $240.40, for a total transaction of $673,120.00. Following the completion of the transaction, the insider now directly owns 115,762 shares of the company’s stock, valued at approximately $27,829,184.80. The disclosure for this sale can be found here. Insiders have sold 83,692 shares of company stock worth $21,006,957 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Salesforce Price Performance

Shares of NYSE:CRM opened at $246.16 on Friday. The firm’s 50 day moving average is $254.78 and its two-hundred day moving average is $270.11. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The firm has a market capitalization of $238.53 billion, a P/E ratio of 44.27, a PEG ratio of 2.22 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the business earned $1.63 earnings per share. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. Analysts anticipate that Salesforce, Inc. will post 7.52 earnings per share for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. Salesforce’s dividend payout ratio is presently 28.78%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CRM shares. DA Davidson upped their price objective on shares of Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. upped their price objective on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Thursday, August 29th. Wells Fargo & Company increased their price target on shares of Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 29th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $335.00 price target on shares of Salesforce in a research report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $304.41.

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.