Malaga Cove Capital LLC Grows Holdings in Salesforce, Inc. (NYSE:CRM)

Malaga Cove Capital LLC grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 34.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,542 shares of the CRM provider’s stock after purchasing an additional 902 shares during the period. Malaga Cove Capital LLC’s holdings in Salesforce were worth $969,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRM. Piscataqua Savings Bank increased its holdings in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares in the last quarter. Clear Investment Research LLC increased its stake in Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares in the last quarter. Stephens Consulting LLC raised its holdings in Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce in the second quarter worth approximately $33,000. Finally, Godsey & Gibb Inc. grew its holdings in shares of Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 1,400 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $251.62, for a total transaction of $352,268.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at $29,585,731.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $290.23, for a total value of $145,115.00. Following the sale, the chief accounting officer now directly owns 6,506 shares of the company’s stock, valued at $1,888,236.38. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Parker Harris sold 1,400 shares of the business’s stock in a transaction that occurred 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 owns 117,581 shares of the company’s stock, valued at $29,585,731.22. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 149,973 shares of company stock valued at $42,672,142. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE:CRM opened at $306.90 on Thursday. The company has a market capitalization of $293.40 billion, a P/E ratio of 53.37, a P/E/G ratio of 2.67 and a beta of 1.29. The business’s 50-day moving average is $275.30 and its 200 day moving average is $263.86. 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, Inc. has a 12 month low of $208.84 and a 12 month high of $318.71.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $9.22 billion. During the same period in the prior year, the company earned $1.63 EPS. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, equities research analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.52%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio is 27.83%.

Analysts Set New Price Targets

Several analysts have commented on the company. Stifel Nicolaus increased their target price on Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, October 28th. UBS Group lifted their price objective on Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. TD Cowen upped their target price on shares of Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Oppenheimer reiterated an “outperform” rating and issued a $330.00 price target (up from $300.00) on shares of Salesforce in a research note on Thursday, October 24th. Finally, Canaccord Genuity Group increased their price objective on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research 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 issued a strong buy rating to the company. According to MarketBeat, Salesforce has an average rating of “Moderate Buy” and an average 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.