NewEdge Advisors LLC Has $18.22 Million Holdings in Salesforce, Inc. (NYSE:CRM)

NewEdge Advisors LLC reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 0.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,879 shares of the CRM provider’s stock after selling 464 shares during the quarter. NewEdge Advisors LLC’s holdings in Salesforce were worth $18,223,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of CRM. Capital International Investors boosted its holdings in shares of Salesforce by 76.4% in the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after acquiring an additional 5,935,973 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after acquiring an additional 3,044,611 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Salesforce in the 1st quarter worth approximately $910,220,000. Swedbank AB acquired a new position in shares of Salesforce in the 1st quarter worth approximately $874,748,000. Finally, Coatue Management LLC acquired a new position in shares of Salesforce in the 4th quarter worth approximately $564,188,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRM. TD Cowen boosted their price objective on shares of Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Loop Capital restated a “hold” rating and issued a $270.00 price objective on shares of Salesforce in a research report on Thursday, September 19th. Raymond James boosted their price objective on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. Robert W. Baird boosted their price objective on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Erste Group Bank reiterated a “hold” rating on shares of Salesforce in a research report on Wednesday, September 11th. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and an average target price of $308.03.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of Salesforce stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $276.32, for a total value of $2,533,854.40. Following the transaction, the director now directly owns 1,363 shares of the company’s stock, valued at $376,624.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,185 shares of company stock worth $18,708,571. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of NYSE CRM opened at $276.64 on Monday. The stock has a market capitalization of $268.06 billion, a price-to-earnings ratio of 49.76, a PEG ratio of 2.39 and a beta of 1.29. The business has a 50-day moving average of $256.26 and a 200-day moving average of $265.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week 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, beating the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. Salesforce’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the business posted $1.63 EPS. As a group, sell-side analysts predict that Salesforce, Inc. will post 7.54 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.58%. Salesforce’s payout ratio is 28.78%.

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.