Wallace Advisory Group LLC Sells 3,556 Shares of Salesforce, Inc. (NYSE:CRM)

Wallace Advisory Group LLC lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 78.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 970 shares of the CRM provider’s stock after selling 3,556 shares during the period. Wallace Advisory Group LLC’s holdings in Salesforce were worth $324,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CRM. State Street Corp lifted its position in shares of Salesforce by 1.8% in the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after buying an additional 864,193 shares in the last quarter. Geode Capital Management LLC increased its stake in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after acquiring an additional 257,501 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Salesforce by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock worth $3,360,215,000 after acquiring an additional 314,530 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Salesforce by 2.2% during the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock valued at $2,141,562,000 after acquiring an additional 176,641 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Salesforce by 1.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock valued at $1,632,599,000 after purchasing an additional 57,825 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. TD Cowen increased their price objective on shares of Salesforce from $290.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, November 21st. Scotiabank increased their price target on shares of Salesforce from $425.00 to $440.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. The Goldman Sachs Group lifted their price target on Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and set a $405.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada boosted their target price on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, thirty have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $376.05.

Salesforce Stock Up 1.3 %

Shares of NYSE CRM opened at $323.31 on Wednesday. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The stock’s fifty day simple moving average is $336.76 and its two-hundred day simple moving average is $290.66. The stock has a market capitalization of $309.41 billion, a PE ratio of 53.18, a price-to-earnings-growth ratio of 3.20 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. Salesforce’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 EPS. As a group, analysts expect that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.

Insider Activity at Salesforce

In other news, insider R David Schmaier sold 1,785 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $344.00, for a total transaction of $614,040.00. Following the completion of the sale, the insider now owns 19,116 shares in the company, valued at approximately $6,575,904. This represents a 8.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the transaction, the chief executive officer now owns 12,162,457 shares in the company, valued at approximately $4,217,696,838.46. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,177,617 shares of company stock valued at $403,542,975 over the last 90 days. Insiders own 3.20% of the company’s stock.

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.