Castle Rock Wealth Management LLC Raises Position in Salesforce, Inc. (NYSE:CRM)

Castle Rock Wealth Management LLC lifted its position in shares of Salesforce, Inc. (NYSE:CRM) by 6.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,458 shares of the CRM provider’s stock after buying an additional 150 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Salesforce were worth $705,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Salesforce by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after buying an additional 1,008,841 shares during the period. Fisher Asset Management LLC increased its stake in Salesforce by 5.2% during the 4th quarter. Fisher Asset Management LLC now owns 14,905,462 shares of the CRM provider’s stock valued at $3,922,223,000 after purchasing an additional 736,986 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after acquiring an additional 3,044,611 shares during the period. Capital International Investors increased its stake in shares of Salesforce by 3.0% in the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after acquiring an additional 407,834 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Salesforce by 2.2% during the second quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after buying an additional 176,641 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Down 0.7 %

NYSE:CRM opened at $288.10 on Friday. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market cap of $275.42 billion, a price-to-earnings ratio of 50.10, a PEG ratio of 2.61 and a beta of 1.30. The stock has a 50-day moving average price of $261.93 and a two-hundred day moving average price of $264.17.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the prior year, the firm posted $1.63 earnings per share. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, equities analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio is 27.83%.

Insider Activity

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the sale, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sabastian Niles sold 2,484 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the sale, the insider now owns 828 shares in the company, valued at $202,702.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 80,612 shares of company stock valued at $21,283,087 in the last ninety days. 3.20% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on CRM. Evercore ISI reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. JPMorgan Chase & Co. boosted their price target on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Bank of America reissued a “buy” rating and issued a $325.00 price target on shares of Salesforce in a research note on Friday, September 6th. Roth Mkm reaffirmed a “buy” rating and set a $335.00 target price on shares of Salesforce in a research note on Thursday, August 29th. Finally, BNP Paribas raised shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $310.74.

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.