Veery Capital LLC Acquires 64 Shares of Salesforce, Inc. (NYSE:CRM)

Veery Capital LLC boosted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 4.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,475 shares of the CRM provider’s stock after acquiring an additional 64 shares during the quarter. Veery Capital LLC’s holdings in Salesforce were worth $493,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Infrastructure Capital Advisors LLC bought a new position in Salesforce in the 3rd quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL bought a new position in Salesforce in the 2nd quarter valued at $33,000. Godsey & Gibb Inc. increased its stake in shares of Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares during the period. Annapolis Financial Services LLC raised its position in shares of Salesforce by 135.6% during the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock worth $38,000 after acquiring an additional 80 shares during the last quarter. Finally, FSA Wealth Management LLC acquired a new position in shares of Salesforce during the third quarter valued at $53,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research reports. Wells Fargo & Company lifted their price objective on Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 12th. Robert W. Baird lifted their price target on shares of Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. KeyCorp upgraded shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective on the stock in a report on Friday, December 13th. Bank of America raised their price objective on shares of Salesforce from $390.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $377.63.

Salesforce Stock Performance

Shares of CRM opened at $324.77 on Friday. The stock has a market capitalization of $310.81 billion, a price-to-earnings ratio of 53.42, a PEG ratio of 2.87 and a beta of 1.30. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The firm has a fifty day simple moving average of $337.31 and a 200 day simple moving average of $291.56. 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 posted its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 earnings per share. Research analysts forecast that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

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

Insider Activity

In related news, COO Brian Millham sold 6,161 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $289.75, for a total value of $1,785,149.75. Following the completion of the sale, the chief operating officer now directly owns 969 shares in the company, valued at approximately $280,767.75. The trade was a 86.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director G Mason Morfit sold 722,300 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total value of $249,995,253.00. Following the transaction, the director now owns 3,192,009 shares in the company, valued at approximately $1,104,786,234.99. This trade represents a 18.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,183,838 shares of company stock valued at $405,595,158. 3.20% of the stock is 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.