Raymond James & Associates Trims Stake in Salesforce, Inc. (NYSE:CRM)

Raymond James & Associates lessened its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,394,487 shares of the CRM provider’s stock after selling 87,151 shares during the quarter. Raymond James & Associates’ holdings in Salesforce were worth $655,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Prentice Wealth Management LLC raised its stake in shares of Salesforce by 1.5% during the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after buying an additional 37 shares during the period. Fox Hill Wealth Management raised its position in Salesforce by 4.0% during the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after acquiring an additional 38 shares during the period. Pinnacle Wealth Planning Services Inc. raised its position in Salesforce by 0.8% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after acquiring an additional 38 shares during the period. Fulton Bank N.A. lifted its holdings in Salesforce by 0.4% during the third quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock valued at $2,537,000 after purchasing an additional 38 shares in the last quarter. Finally, CRA Financial Services LLC grew its position in shares of Salesforce by 3.4% in the third quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock valued at $318,000 after purchasing an additional 38 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Up 0.6 %

CRM stock traded up $1.83 during trading on Friday, hitting $292.94. 3,087,902 shares of the company’s stock were exchanged, compared to its average volume of 6,414,292. The stock has a market capitalization of $283.86 billion, a price-to-earnings ratio of 52.71, a PEG ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $266.65 and a two-hundred day moving average price of $263.77.

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

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.55%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CRM shares. Wells Fargo & Company raised their price target on shares of Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a research note on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research report on Friday, September 20th. Royal Bank of Canada reiterated an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Loop Capital restated a “hold” rating and issued a $270.00 price objective on shares of Salesforce in a report on Thursday, September 19th. Finally, Bank of America reissued a “buy” rating and set a $325.00 target price on shares of Salesforce in a research note on Friday, September 6th. Nine equities 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $311.66.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total value of $1,217,454.00. Following the completion of the sale, the insider now owns 118,514 shares in the company, valued at approximately $34,353,653.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Brian Millham sold 8,427 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $280.00, for a total transaction of $2,359,560.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total transaction of $1,217,454.00. Following the transaction, the insider now owns 118,514 shares in the company, valued at $34,353,653.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,612 shares of company stock worth $21,429,961 in the last quarter. 3.20% of the stock is owned by insiders.

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.