Frank Rimerman Advisors LLC Acquires 909 Shares of Salesforce, Inc. (NYSE:CRM)

Frank Rimerman Advisors LLC boosted its holdings in Salesforce, Inc. (NYSE:CRM) by 5.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,803 shares of the CRM provider’s stock after purchasing an additional 909 shares during the period. Frank Rimerman Advisors LLC’s holdings in Salesforce were worth $4,599,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRM. XN LP increased its position in shares of Salesforce by 24.2% during the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock worth $119,420,000 after purchasing an additional 90,616 shares during the last quarter. Atomi Financial Group Inc. grew its stake in shares of Salesforce by 27.5% in the third quarter. Atomi Financial Group Inc. now owns 11,999 shares of the CRM provider’s stock valued at $3,284,000 after buying an additional 2,589 shares in the last quarter. M&G Plc acquired a new position in Salesforce during the first quarter worth $2,178,000. First Foundation Advisors raised its position in Salesforce by 38.0% during the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock worth $249,000 after acquiring an additional 228 shares in the last quarter. Finally, Elevated Capital Advisors LLC acquired a new stake in Salesforce in the third quarter valued at $523,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares in the company, valued at $15,100,399.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Brian Millham sold 969 shares of Salesforce stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $286.56, for a total value of $277,676.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $255,905.13. Following the sale, the chief financial officer now directly owns 52,930 shares of the company’s stock, valued at $15,100,399.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,781 shares of company stock valued at $23,696,593. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CRM has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Needham & Company LLC reissued a “buy” rating and set a $345.00 price target on shares of Salesforce in a research report on Friday, September 20th. TD Cowen raised their price objective on Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $270.00 to $400.00 in a research note on Wednesday, October 2nd. Finally, DA Davidson increased their price target on Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $312.51.

Salesforce Stock Up 1.3 %

CRM stock opened at $290.46 on Friday. The stock has a market capitalization of $281.46 billion, a P/E ratio of 52.24, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. 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 firm has a 50-day moving average price of $269.73 and a 200-day moving average price of $263.05. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71.

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

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.55%. Salesforce’s dividend payout ratio is presently 28.78%.

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.