Belpointe Asset Management LLC Trims Holdings in Salesforce, Inc. (NYSE:CRM)

Belpointe Asset Management LLC reduced its stake in Salesforce, Inc. (NYSE:CRM) by 28.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,230 shares of the CRM provider’s stock after selling 1,308 shares during the quarter. Belpointe Asset Management LLC’s holdings in Salesforce were worth $831,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CRM. Gilbert & Cook Inc. raised its stake in Salesforce by 6.9% during the fourth quarter. Gilbert & Cook Inc. now owns 5,659 shares of the CRM provider’s stock worth $1,489,000 after purchasing an additional 366 shares during the period. Aveo Capital Partners LLC lifted its holdings in Salesforce by 44.7% in the fourth quarter. Aveo Capital Partners LLC now owns 1,605 shares of the CRM provider’s stock valued at $422,000 after acquiring an additional 496 shares during the last quarter. 9258 Wealth Management LLC grew its position in 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 acquiring an additional 1,253 shares during the period. Gryphon Financial Partners LLC increased its stake in Salesforce by 32.4% during the fourth quarter. Gryphon Financial Partners LLC now owns 3,960 shares of the CRM provider’s stock worth $1,064,000 after acquiring an additional 970 shares during the last quarter. Finally, Wealthspire Advisors LLC raised its position in Salesforce by 15.4% in the fourth quarter. Wealthspire Advisors LLC now owns 7,520 shares of the CRM provider’s stock valued at $1,979,000 after purchasing an additional 1,006 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Trading Down 0.6 %

NYSE CRM opened at $246.16 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.11. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The company has a market capitalization of $238.53 billion, a price-to-earnings ratio of 44.27, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. The firm’s fifty day moving average price is $254.78 and its 200 day moving average price is $270.11.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period last year, the firm posted $1.63 EPS. Salesforce’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, sell-side analysts expect that Salesforce, Inc. will post 7.52 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given 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%.

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $241.74, for a total value of $3,626,100.00. Following the transaction, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at $2,940,152,355.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 83,692 shares of company stock valued at $21,006,957. 3.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRM. Bank of America raised their price objective on Salesforce from $316.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Stifel Nicolaus boosted their price target on shares of Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. DA Davidson increased their price objective on shares of Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Truist Financial reissued a “buy” rating and issued a $300.00 target price on shares of Salesforce in a research report on Friday, August 30th. Finally, BMO Capital Markets raised their price target on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company presently 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.