Smithbridge Asset Management Inc. DE Purchases 8,609 Shares of Salesforce, Inc. (NYSE:CRM)

Smithbridge Asset Management Inc. DE grew its position in Salesforce, Inc. (NYSE:CRM) by 72.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,455 shares of the CRM provider’s stock after acquiring an additional 8,609 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in Salesforce were worth $5,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Trilogy Capital Inc. purchased a new position in Salesforce in the 1st quarter worth about $379,000. LVW Advisors LLC boosted its position in shares of Salesforce by 10.0% in the 1st quarter. LVW Advisors LLC now owns 1,833 shares of the CRM provider’s stock worth $552,000 after purchasing an additional 166 shares in the last quarter. Congress Wealth Management LLC DE grew its stake in shares of Salesforce by 655.8% during the first quarter. Congress Wealth Management LLC DE now owns 48,608 shares of the CRM provider’s stock worth $14,640,000 after acquiring an additional 42,177 shares during the last quarter. Synergy Asset Management LLC lifted its stake in shares of Salesforce by 51.1% during the first quarter. Synergy Asset Management LLC now owns 11,115 shares of the CRM provider’s stock worth $3,348,000 after buying an additional 3,757 shares during the period. Finally, Dash Acquisitions Inc. grew its holdings in shares of Salesforce by 1.2% during the first quarter. Dash Acquisitions Inc. now owns 50,731 shares of the CRM provider’s stock valued at $14,018,000 after buying an additional 608 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Canaccord Genuity Group upped their target price on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. TD Cowen increased their price objective on shares of Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. DA Davidson upped their price target on shares of Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Truist Financial reiterated a “buy” rating and set a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. Finally, Bank of America restated a “buy” rating and issued a $325.00 target price on shares of Salesforce in a research note on Friday, September 6th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $312.51.

Salesforce Stock Up 1.2 %

Shares of NYSE CRM opened at $294.08 on Monday. The firm’s 50-day moving average is $269.73 and its 200-day moving average is $262.79. Salesforce, Inc. has a 1 year low of $197.08 and a 1 year high of $318.71. The firm has a market capitalization of $284.96 billion, a PE ratio of 52.24, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. 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 (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping 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 firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same period in the previous year, the company posted $1.63 earnings per share. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. Equities analysts expect that Salesforce, Inc. will post 7.55 EPS for the current 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 paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio is 28.78%.

Insider Activity

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares of the company’s stock, valued at $15,100,399.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Brian Millham sold 969 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $286.56, for a total value of $277,676.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $255,905.13. Following the sale, the chief financial officer now owns 52,930 shares in the company, valued at $15,100,399.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,781 shares of company stock worth $23,696,593 over the last three months. Corporate insiders own 3.20% of the company’s stock.

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.