Cary Street Partners Investment Advisory LLC Sells 28,177 Shares of Salesforce, Inc. (NYSE:CRM)

Cary Street Partners Investment Advisory LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 95.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,275 shares of the CRM provider’s stock after selling 28,177 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Salesforce were worth $324,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Marks Group Wealth Management Inc grew its holdings in Salesforce by 0.7% during the 4th quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock valued at $9,268,000 after buying an additional 257 shares in the last quarter. Roman Butler Fullerton & Co. boosted its position in shares of Salesforce by 1.4% in the fourth quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock valued at $2,206,000 after acquiring an additional 105 shares during the period. Pure Financial Advisors LLC purchased a new position in Salesforce during the fourth quarter valued at approximately $214,000. Lone Pine Capital LLC increased its holdings in Salesforce by 47.5% during the 3rd quarter. Lone Pine Capital LLC now owns 2,499,630 shares of the CRM provider’s stock worth $506,875,000 after acquiring an additional 804,634 shares during the period. Finally, Blair William & Co. IL lifted its stake in Salesforce by 0.8% in the 3rd quarter. Blair William & Co. IL now owns 821,761 shares of the CRM provider’s stock worth $166,637,000 after purchasing an additional 6,888 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Srinivas Tallapragada sold 10,000 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $285.20, for a total value of $2,852,000.00. Following the sale, the insider now directly owns 60,416 shares of the company’s stock, valued at approximately $17,230,643.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Srinivas Tallapragada sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $285.20, for a total value of $2,852,000.00. Following the sale, the insider now directly owns 60,416 shares of the company’s stock, valued at approximately $17,230,643.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $270.93, for a total value of $1,137,906.00. Following the transaction, the insider now directly owns 115,762 shares of the company’s stock, valued at approximately $31,363,398.66. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 614,993 shares of company stock worth $180,212,524. 3.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CRM shares. Bank of America upped their price target on shares of Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $300.00 price target on shares of Salesforce in a report on Monday, April 15th. Robert W. Baird boosted their price objective on Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Citigroup raised their target price on shares of Salesforce from $265.00 to $325.00 and gave the company a “neutral” rating in a research note on Monday, February 26th. Finally, Truist Financial reissued a “buy” rating and issued a $360.00 price target (up previously from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $310.61.

Salesforce Price Performance

Shares of Salesforce stock opened at $268.69 on Thursday. The company has a market cap of $260.63 billion, a PE ratio of 63.97, a P/E/G ratio of 2.07 and a beta of 1.30. The business has a 50 day moving average of $295.04 and a 200 day moving average of $265.67. Salesforce, Inc. has a 52 week low of $190.76 and a 52 week high of $318.71. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS 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 period last year, the company posted $1.01 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts forecast that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were paid a $0.40 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.60%. Salesforce’s payout ratio is 9.52%.

Salesforce Company 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.