Bartlett & CO. Wealth Management LLC Raises Holdings in Salesforce, Inc. (NYSE:CRM)

Bartlett & CO. Wealth Management LLC boosted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 1.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 250,845 shares of the CRM provider’s stock after buying an additional 4,654 shares during the quarter. Salesforce makes up about 1.2% of Bartlett & CO. Wealth Management LLC’s holdings, making the stock its 24th biggest holding. Bartlett & CO. Wealth Management LLC’s holdings in Salesforce were worth $83,964,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Infrastructure Capital Advisors LLC acquired a new position in shares of Salesforce in the 3rd quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL acquired a new position in Salesforce during the second quarter worth $33,000. Godsey & Gibb Inc. boosted its position in shares of Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after buying an additional 90 shares during the period. Annapolis Financial Services LLC grew its stake in shares of Salesforce by 135.6% in the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock valued at $38,000 after buying an additional 80 shares in the last quarter. Finally, FSA Wealth Management LLC acquired a new position in Salesforce during the 3rd quarter worth about $53,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $298.04, for a total transaction of $1,251,768.00. Following the sale, the insider now owns 119,402 shares of the company’s stock, valued at approximately $35,586,572.08. The trade was a 3.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the completion of the transaction, the chief financial officer now directly owns 45,861 shares of the company’s stock, valued at approximately $15,128,626.68. This trade represents a 11.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,171,198 shares of company stock valued at $401,945,558 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRM. Piper Sandler reiterated an “overweight” rating and set a $405.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. Scotiabank increased their target price on shares of Salesforce from $425.00 to $440.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Barclays increased their price objective on Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, Bank of America boosted their target price on Salesforce from $390.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $377.63.

Salesforce Stock Performance

NYSE CRM opened at $332.67 on Thursday. The firm has a market cap of $318.37 billion, a P/E ratio of 54.72, a P/E/G ratio of 2.93 and a beta of 1.30. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The business’s 50-day moving average price is $336.68 and its 200 day moving average price is $292.92. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter last year, the business posted $1.62 earnings per share. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, equities research analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. Salesforce’s dividend payout ratio (DPR) is 26.32%.

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.