Keel Point LLC Sells 838 Shares of Salesforce, Inc. (NYSE:CRM)

Keel Point LLC reduced its stake in Salesforce, Inc. (NYSE:CRM) by 15.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,505 shares of the CRM provider’s stock after selling 838 shares during the period. Keel Point LLC’s holdings in Salesforce were worth $1,185,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRM. Graypoint LLC increased its holdings in Salesforce by 0.3% during the 4th quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after purchasing an additional 36 shares during the period. Prentice Wealth Management LLC raised its stake in shares of Salesforce by 1.7% during the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock worth $604,000 after buying an additional 38 shares in the last quarter. MV Capital Management Inc. raised its stake in shares of Salesforce by 3.9% during the 4th quarter. MV Capital Management Inc. now owns 1,045 shares of the CRM provider’s stock worth $275,000 after buying an additional 39 shares in the last quarter. Legal Advantage Investments Inc. raised its stake in shares of Salesforce by 0.7% during the 4th quarter. Legal Advantage Investments Inc. now owns 5,571 shares of the CRM provider’s stock worth $1,466,000 after buying an additional 40 shares in the last quarter. Finally, Mayflower Financial Advisors LLC grew its holdings in Salesforce by 1.2% during the 4th quarter. Mayflower Financial Advisors LLC now owns 3,411 shares of the CRM provider’s stock valued at $898,000 after buying an additional 41 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Trading Down 7.0 %

CRM stock traded down $20.70 during trading on Monday, hitting $273.62. The company had a trading volume of 13,903,149 shares, compared to its average volume of 5,626,301. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $298.82 and a 200-day moving average price of $259.77. Salesforce, Inc. has a 12 month low of $190.57 and a 12 month high of $318.71. The stock has a market cap of $265.41 billion, a price-to-earnings ratio of 65.38, a PEG ratio of 2.26 and a beta of 1.28.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the company posted $1.01 EPS. Salesforce’s revenue was up 10.8% on a year-over-year basis. As a group, analysts predict that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date of this dividend was Wednesday, March 13th. Salesforce’s dividend payout ratio is presently 9.52%.

Insiders Place Their Bets

In related news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $299.42, for a total value of $4,491,300.00. Following the sale, the chief executive officer now directly owns 12,958,721 shares of the company’s stock, valued at approximately $3,880,100,241.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Salesforce news, insider Srinivas Tallapragada sold 2,890 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $893,934.80. Following the sale, the insider now directly owns 60,416 shares of the company’s stock, valued at approximately $18,687,877.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $299.42, for a total transaction of $4,491,300.00. Following the sale, the chief executive officer now directly owns 12,958,721 shares in the company, valued at $3,880,100,241.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 907,375 shares of company stock valued at $262,519,346. Company insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CRM shares. TheStreet upgraded Salesforce from a “c+” rating to a “b-” rating in a report on Friday, January 19th. Bank of America lifted their target price on Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Truist Financial reissued a “buy” rating and issued a $360.00 price objective (up from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Stifel Nicolaus reiterated a “buy” rating and set a $350.00 price objective on shares of Salesforce in a research report on Wednesday, April 3rd. Finally, KeyCorp assumed coverage on Salesforce in a report on Thursday, March 21st. They set a “sector weight” rating on the stock. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $306.26.

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.