Prossimo Advisors LLC Raises Holdings in Salesforce, Inc. (NYSE:CRM)

Prossimo Advisors LLC grew its position in shares of Salesforce, Inc. (NYSE:CRM) by 2.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,334 shares of the CRM provider’s stock after purchasing an additional 73 shares during the quarter. Prossimo Advisors LLC’s holdings in Salesforce were worth $913,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Salesforce by 1.2% during the first quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock worth $25,490,446,000 after buying an additional 1,008,841 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Salesforce by 26.9% during 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 buying an additional 3,044,611 shares during the last quarter. Capital International Investors grew its holdings in shares of Salesforce by 3.0% during the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after buying an additional 407,834 shares during the last quarter. Legal & General Group Plc boosted its holdings in Salesforce by 2.2% in the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock valued at $2,141,562,000 after purchasing an additional 176,641 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Trading Up 1.1 %

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

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share 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 company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the firm posted $1.63 EPS. Salesforce’s revenue was up 8.5% on a year-over-year basis. As a group, analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.54%. Salesforce’s dividend payout ratio is presently 27.83%.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 52,930 shares of the company’s stock, valued at approximately $15,100,399.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,303 shares of company stock valued at $42,024,385 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRM. Piper Sandler lowered Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. BNP Paribas raised Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Sanford C. Bernstein lifted their price objective on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. DA Davidson lifted their price objective on Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Finally, TD Cowen lifted their price objective on Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Nine research 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target 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.