Northeast Investment Management Sells 35 Shares of Salesforce, Inc. (NYSE:CRM)

Northeast Investment Management reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 3.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,059 shares of the CRM provider’s stock after selling 35 shares during the period. Northeast Investment Management’s holdings in Salesforce were worth $354,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. RBA Wealth Management LLC lifted its holdings in shares of Salesforce by 3.7% in the third quarter. RBA Wealth Management LLC now owns 16,172 shares of the CRM provider’s stock worth $4,426,000 after buying an additional 574 shares in the last quarter. Castle Rock Wealth Management LLC grew its stake in shares of Salesforce by 6.5% in the third quarter. Castle Rock Wealth Management LLC now owns 2,458 shares of the CRM provider’s stock worth $705,000 after purchasing an additional 150 shares during the last quarter. JGP Wealth Management LLC raised its holdings in Salesforce by 8.3% in the 3rd quarter. JGP Wealth Management LLC now owns 994 shares of the CRM provider’s stock worth $272,000 after purchasing an additional 76 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its stake in Salesforce by 71.4% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 20,121 shares of the CRM provider’s stock worth $5,513,000 after purchasing an additional 8,385 shares during the period. Finally, Valeo Financial Advisors LLC boosted its position in shares of Salesforce by 2.2% in the 3rd quarter. Valeo Financial Advisors LLC now owns 79,256 shares of the CRM provider’s stock worth $21,693,000 after purchasing an additional 1,695 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $343.00, for a total value of $2,133,803.00. Following the completion of the sale, the chief financial officer now owns 53,861 shares of the company’s stock, valued at approximately $18,474,323. This represents a 10.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,111,420 shares of company stock valued at $384,366,700 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CRM shares. Northland Securities reissued an “outperform” rating and issued a $440.00 target price (up previously from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Truist Financial reiterated a “buy” rating and set a $400.00 price objective (up from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. KeyCorp upgraded shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a research note on Friday, December 13th. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and increased their price objective for the company from $380.00 to $400.00 in a report on Friday, January 17th. Finally, Oppenheimer restated an “outperform” rating and set a $415.00 price objective (up previously from $385.00) on shares of Salesforce in a research report on Wednesday, December 4th. One equities 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $377.63.

Salesforce Price Performance

Shares of NYSE:CRM opened at $325.81 on Friday. The company’s fifty day moving average price is $338.97 and its 200 day moving average price is $300.36. The firm has a market capitalization of $311.80 billion, a P/E ratio of 53.59, a P/E/G ratio of 2.66 and a beta of 1.31. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

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

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Shareholders 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 yield of 0.49%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s dividend payout ratio is currently 26.32%.

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.