Northern Financial Advisors Inc Cuts Holdings in Salesforce, Inc. (NYSE:CRM)

Northern Financial Advisors Inc decreased its stake in Salesforce, Inc. (NYSE:CRM) by 5.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,923 shares of the CRM provider’s stock after selling 101 shares during the period. Northern Financial Advisors Inc’s holdings in Salesforce were worth $526,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Prentice Wealth Management LLC raised its position in Salesforce by 1.5% during the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock valued at $686,000 after purchasing an additional 37 shares in the last quarter. Pinnacle Wealth Planning Services Inc. increased its position in shares of Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after purchasing an additional 38 shares during the last quarter. Fulton Bank N.A. raised its holdings in shares of Salesforce by 0.4% during the 3rd quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock valued at $2,537,000 after buying an additional 38 shares in the last quarter. CRA Financial Services LLC lifted its position in Salesforce by 3.4% in the 3rd quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock worth $318,000 after buying an additional 38 shares during the last quarter. Finally, Boomfish Wealth Group LLC boosted its stake in Salesforce by 0.4% in the third quarter. Boomfish Wealth Group LLC now owns 9,312 shares of the CRM provider’s stock worth $2,549,000 after buying an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Activity at Salesforce

In other news, insider Parker Harris sold 1,400 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $251.62, for a total value of $352,268.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at $29,585,731.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Salesforce news, COO Brian Millham sold 4,056 shares of Salesforce stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $261.50, for a total value of $1,060,644.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 1,400 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $251.62, for a total value of $352,268.00. Following the transaction, the insider now directly owns 117,581 shares in the company, valued at $29,585,731.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,303 shares of company stock valued at $42,024,385. 3.20% of the stock is owned by corporate insiders.

Salesforce Trading Up 1.1 %

Salesforce stock opened at $294.72 on Friday. Salesforce, Inc. has a 12 month low of $204.69 and a 12 month high of $318.71. The company has a market capitalization of $281.75 billion, a price-to-earnings ratio of 51.26, a price-to-earnings-growth ratio of 2.68 and a beta of 1.29. The business’s fifty day simple moving average is $273.02 and its two-hundred day simple moving average is $263.27. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

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

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.54%. Salesforce’s payout ratio is currently 27.83%.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of recent research reports. TD Cowen boosted their price objective on shares of Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Wedbush boosted their price target on shares of Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Northland Capmk raised Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Truist Financial reissued a “buy” rating and issued a $315.00 target price (up previously from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. Finally, Morgan Stanley raised their price target on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $313.37.

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.