Legacy Capital Wealth Partners LLC Invests $239,000 in Salesforce, Inc. (NYSE:CRM)

Legacy Capital Wealth Partners LLC bought a new position in shares of Salesforce, Inc. (NYSE:CRM) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 909 shares of the CRM provider’s stock, valued at approximately $239,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRM. Bear Mountain Capital Inc. acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $26,000. Kathleen S. Wright Associates Inc. acquired a new stake in Salesforce during the fourth quarter worth approximately $31,000. BKM Wealth Management LLC bought a new stake in shares of Salesforce during the fourth quarter worth approximately $34,000. Pacifica Partners Inc. grew its position in shares of Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Finally, AlphaMark Advisors LLC increased its stake in shares of Salesforce by 892.9% during the fourth quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock worth $37,000 after purchasing an additional 125 shares during the period. 80.43% of the stock is owned by institutional investors.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the sale, the chief accounting officer now owns 5,856 shares in the company, valued at approximately $1,599,566.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Friday, March 1st. The stock was sold at an average price of $315.54, for a total value of $4,733,100.00. Following the sale, the chief executive officer now owns 13,311,166 shares in the company, valued at $4,200,205,319.64. The disclosure for this sale can be found here. In the last three months, insiders sold 610,793 shares of company stock valued at $179,197,018. 3.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Canaccord Genuity Group restated a “buy” rating and issued a $350.00 price target on shares of Salesforce in a research note on Thursday, March 7th. Bank of America upped their price target on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Stifel Nicolaus reiterated a “buy” rating and issued a $350.00 price objective on shares of Salesforce in a research note on Wednesday, April 3rd. JMP Securities reiterated a “market outperform” rating and set a $342.00 target price on shares of Salesforce in a research report on Monday, April 15th. Finally, KeyCorp assumed coverage on Salesforce in a research report on Thursday, March 21st. They issued a “sector weight” rating on the stock. Nine equities research 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $310.61.

Salesforce Stock Up 0.6 %

CRM stock opened at $275.86 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. Salesforce, Inc. has a fifty-two week low of $190.76 and a fifty-two week high of $318.71. The stock’s 50 day simple moving average is $295.69 and its 200 day simple moving average is $265.20. The company has a market cap of $267.58 billion, a P/E ratio of 65.68, a price-to-earnings-growth ratio of 2.11 and a beta of 1.28.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. Salesforce’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.01 EPS. On average, research analysts expect that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.

Salesforce Announces Dividend

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

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.