Salesforce, Inc. (NYSE:CRM) Shares Purchased by Cannon Wealth Management Services LLC

Cannon Wealth Management Services LLC boosted its stake in Salesforce, Inc. (NYSE:CRM) by 70.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,370 shares of the CRM provider’s stock after purchasing an additional 565 shares during the period. Cannon Wealth Management Services LLC’s holdings in Salesforce were worth $465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of CRM. Veritas Asset Management LLP acquired a new position in shares of Salesforce during the third quarter valued at $733,805,000. Jennison Associates LLC increased its holdings in shares of Salesforce by 52.7% during the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock valued at $1,482,347,000 after purchasing an additional 1,530,572 shares during the period. Swedbank AB increased its holdings in shares of Salesforce by 46.7% during the fourth quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock valued at $1,280,408,000 after purchasing an additional 1,219,254 shares during the period. KBC Group NV increased its holdings in shares of Salesforce by 171.2% during the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after purchasing an additional 1,032,068 shares during the period. Finally, State Street Corp grew its holdings in Salesforce by 1.8% during the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after acquiring an additional 864,193 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Performance

Shares of NYSE CRM opened at $309.54 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $333.34 and its two-hundred day moving average is $306.18. The company has a market cap of $296.23 billion, a P/E ratio of 50.91, a P/E/G ratio of 2.58 and a beta of 1.31. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 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 the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.62 earnings per share. On average, equities analysts expect that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.52%. The ex-dividend date was Wednesday, December 18th. Salesforce’s payout ratio is presently 26.32%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CRM shares. Truist Financial reaffirmed a “buy” rating and set a $400.00 target price (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a research report on Thursday, February 6th. Royal Bank of Canada increased their price target on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Northland Securities reiterated an “outperform” rating and issued a $440.00 price target (up previously from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus increased their price target on Salesforce from $390.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirty-two have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $375.53.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 652 shares of Salesforce stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $216,646.56. Following the sale, the insider now owns 121,467 shares of the company’s stock, valued at approximately $40,361,054.76. This trade represents a 0.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of the business’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 completion of the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,102,114 shares of company stock valued at $381,142,656. 3.20% of the stock is owned by corporate 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.