Castle Wealth Management LLC Has $1.87 Million Position in Salesforce, Inc. (NYSE:CRM)

Castle Wealth Management LLC lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 5.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 5,584 shares of the CRM provider’s stock after selling 319 shares during the quarter. Castle Wealth Management LLC’s holdings in Salesforce were worth $1,869,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CRM. Veritas Asset Management LLP acquired a new stake in shares of Salesforce during the 3rd quarter worth about $733,805,000. Jennison Associates LLC lifted its stake in shares of Salesforce by 52.7% during the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock worth $1,482,347,000 after buying an additional 1,530,572 shares during the last quarter. Swedbank AB lifted its stake in shares of Salesforce by 46.7% during the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock worth $1,280,408,000 after buying an additional 1,219,254 shares during the last quarter. KBC Group NV lifted its stake in shares of Salesforce by 171.2% during the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after buying an additional 1,032,068 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in Salesforce by 23,664.2% during the third quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock worth $274,490,000 after acquiring an additional 998,628 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Up 0.6 %

CRM opened at $326.26 on Thursday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week 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. The firm has a market capitalization of $312.23 billion, a price-to-earnings ratio of 53.66, a PEG ratio of 2.66 and a beta of 1.31. The company’s 50 day moving average price is $338.74 and its two-hundred day moving average price is $301.96.

Salesforce (NYSE:CRM) last posted its earnings results 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). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same period in the previous year, the firm earned $1.62 earnings per share. The company’s revenue was up 8.3% compared to the same quarter last year. As a group, research analysts predict that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were paid a $0.40 dividend. 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 other news, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total value of $2,089,882.74. Following the sale, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at approximately $15,705,195. This represents a 11.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director G Mason Morfit sold 722,300 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the completion of the sale, the director now directly owns 3,192,009 shares in the company, valued at approximately $1,104,786,234.99. This represents a 18.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,111,420 shares of company stock valued at $384,366,700. 3.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CRM shares. Piper Sandler reaffirmed an “overweight” rating and set a $405.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Stifel Nicolaus raised their price target on shares of Salesforce from $390.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Cfra set a $343.00 price target on shares of Salesforce in a research report on Thursday, October 17th. Wells Fargo & Company raised their price target on shares of Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 12th. Finally, Truist Financial reaffirmed a “buy” rating and set a $400.00 price target (up from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $377.63.

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.