Legacy Capital Wealth Partners LLC Makes New Investment in Salesforce, Inc. (NYSE:CRM)

Legacy Capital Wealth Partners LLC acquired a new position in shares of Salesforce, Inc. (NYSE:CRM) during the 2nd quarter, Holdings Channel reports. The fund acquired 1,272 shares of the CRM provider’s stock, valued at approximately $327,000.

Several other large investors also recently added to or reduced their stakes in CRM. Gilbert & Cook Inc. raised its holdings in shares of Salesforce by 6.9% in the fourth quarter. Gilbert & Cook Inc. now owns 5,659 shares of the CRM provider’s stock worth $1,489,000 after buying an additional 366 shares during the period. Aveo Capital Partners LLC raised its holdings in shares of Salesforce by 44.7% in the fourth quarter. Aveo Capital Partners LLC now owns 1,605 shares of the CRM provider’s stock worth $422,000 after buying an additional 496 shares during the period. 9258 Wealth Management LLC raised its holdings in shares of Salesforce by 24.0% in the fourth quarter. 9258 Wealth Management LLC now owns 6,483 shares of the CRM provider’s stock worth $1,706,000 after buying an additional 1,253 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of Salesforce by 19.1% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,278 shares of the CRM provider’s stock worth $1,652,000 after buying an additional 1,008 shares during the period. Finally, Gryphon Financial Partners LLC raised its holdings in shares of Salesforce by 32.4% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,960 shares of the CRM provider’s stock worth $1,064,000 after buying an additional 970 shares during the period. 80.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Salesforce news, Director Craig Conway sold 6,000 shares of Salesforce stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total transaction of $1,437,840.00. Following the completion of the transaction, the director now owns 6,855 shares in the company, valued at approximately $1,642,732.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, Director Craig Conway sold 6,000 shares of Salesforce stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total transaction of $1,437,840.00. Following the completion of the transaction, the director now owns 6,855 shares in the company, valued at approximately $1,642,732.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total value of $1,104,180.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,912,044.90. The disclosure for this sale can be found here. Insiders sold 95,164 shares of company stock worth $23,760,225 in the last 90 days. Insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of CRM stock opened at $247.70 on Thursday. The firm has a market capitalization of $240.02 billion, a price-to-earnings ratio of 44.55, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.11. The business has a fifty day moving average of $254.92 and a 200 day moving average of $270.28. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71.

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, topping analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business posted $1.63 EPS. As a group, research analysts expect that Salesforce, Inc. will post 7.52 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were paid a $0.40 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.65%. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Wall Street Analyst Weigh In

CRM has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price target on Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Mizuho dropped their price objective on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. BNP Paribas raised Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. FBN Securities raised Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, TD Cowen increased their price objective on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $304.41.

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.