Magnus Financial Group LLC Sells 333 Shares of Salesforce, Inc. (NYSE:CRM)

Magnus Financial Group LLC reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 13.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,234 shares of the CRM provider’s stock after selling 333 shares during the period. Magnus Financial Group LLC’s holdings in Salesforce were worth $611,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Research Global Investors grew its holdings in 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 in the last quarter. GQG Partners LLC purchased a new position in Salesforce during the 1st quarter worth $910,220,000. Swedbank AB bought a new stake in shares of Salesforce in the 1st quarter worth $874,748,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Salesforce by 48.3% in the second 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 during the last quarter. Finally, AMF Tjanstepension AB lifted its position in shares of Salesforce by 376.1% during the second quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock valued at $370,873,000 after purchasing an additional 1,139,472 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CRM shares. UBS Group increased their price objective on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price target on shares of Salesforce in a research report on Friday, September 20th. Loop Capital reissued a “hold” rating and issued a $270.00 price objective on shares of Salesforce in a research report on Thursday, September 19th. Stifel Nicolaus upped their price objective on Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Finally, Raymond James lifted their target price on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $310.74.

Insiders Place Their Bets

In other news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the transaction, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Brian Millham sold 2,037 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $248.75, for a total transaction of $506,703.75. Following the transaction, the chief operating officer now directly owns 1,947 shares in the company, valued at approximately $484,316.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,412 shares of company stock valued at $20,212,507 over the last 90 days. Insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

NYSE:CRM opened at $288.31 on Wednesday. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market cap of $279.37 billion, a P/E ratio of 51.85, a PEG ratio of 2.61 and a beta of 1.30. The business’s 50-day moving average price is $263.98 and its two-hundred day moving average price is $263.46.

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

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. 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 0.55%. Salesforce’s payout ratio is 28.78%.

Salesforce 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.