DAVENPORT & Co LLC Has $2.23 Million Stake in Salesforce, Inc. (NYSE:CRM)

DAVENPORT & Co LLC lifted its position in Salesforce, Inc. (NYSE:CRM) by 4.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,679 shares of the CRM provider’s stock after buying an additional 257 shares during the quarter. DAVENPORT & Co LLC’s holdings in Salesforce were worth $2,233,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in CRM. Czech National Bank grew its stake in shares of Salesforce by 6.7% in the 3rd quarter. Czech National Bank now owns 197,395 shares of the CRM provider’s stock valued at $54,029,000 after buying an additional 12,314 shares in the last quarter. RBA Wealth Management LLC grew its stake in shares of Salesforce by 3.7% in the 3rd quarter. RBA Wealth Management LLC now owns 16,172 shares of the CRM provider’s stock valued at $4,426,000 after buying an additional 574 shares in the last quarter. WealthBridge Capital Management LLC bought a new stake in shares of Salesforce in the 3rd quarter valued at approximately $219,000. Greenfield Savings Bank bought a new stake in shares of Salesforce in the 3rd quarter valued at approximately $379,000. Finally, Aprio Wealth Management LLC grew its stake in shares of Salesforce by 26.3% in the 3rd quarter. Aprio Wealth Management LLC now owns 2,907 shares of the CRM provider’s stock valued at $796,000 after buying an additional 606 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

Shares of CRM stock opened at $344.07 on Wednesday. The stock’s fifty day moving average is $338.67 and its 200-day moving average is $298.64. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $329.28 billion, a PE ratio of 56.59, a PEG ratio of 3.09 and a beta of 1.31. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00.

Salesforce (NYSE:CRM) last announced its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. Salesforce’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.62 EPS. Equities research analysts expect that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s dividend payout ratio is 26.32%.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $335.94, for a total value of $167,970.00. Following the transaction, the chief accounting officer now owns 6,557 shares in the company, valued at $2,202,758.58. This trade represents a 7.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Millham sold 14,808 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $338.95, for a total value of $5,019,171.60. The disclosure for this sale can be found here. Insiders have sold a total of 1,111,420 shares of company stock worth $384,366,700 over the last 90 days. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Loop Capital upped their target price on Salesforce from $340.00 to $360.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. JMP Securities reaffirmed a “market outperform” rating and set a $450.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Wedbush reaffirmed an “outperform” rating and set a $425.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Truist Financial reaffirmed a “buy” rating and set a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Finally, Bank of America upped their price target on Salesforce from $390.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $377.63.

Salesforce 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.