Rialto Wealth Management LLC Invests $293,000 in Salesforce, Inc. (NYSE:CRM)

Rialto Wealth Management LLC bought a new position in shares of Salesforce, Inc. (NYSE:CRM) during the 4th quarter, Holdings Channel reports. The institutional investor bought 877 shares of the CRM provider’s stock, valued at approximately $293,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. M&G PLC raised its stake in Salesforce by 97.3% during the 3rd quarter. M&G PLC now owns 14,273 shares of the CRM provider’s stock worth $3,911,000 after acquiring an additional 7,038 shares in the last quarter. Consolidated Planning Corp purchased a new position in shares of Salesforce during the third quarter worth about $206,000. Mainstream Capital Management LLC acquired a new stake in shares of Salesforce during the third quarter worth about $1,745,000. Dudley Capital Management LLC lifted its holdings in shares of Salesforce by 1.2% in the 3rd quarter. Dudley Capital Management LLC now owns 4,274 shares of the CRM provider’s stock valued at $1,170,000 after purchasing an additional 51 shares during the last quarter. Finally, TFB Advisors LLC boosted its position in shares of Salesforce by 3.3% in the 3rd quarter. TFB Advisors LLC now owns 1,986 shares of the CRM provider’s stock valued at $544,000 after purchasing an additional 63 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on CRM shares. Morgan Stanley lifted their price target on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Royal Bank of Canada upped their price target on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Citigroup reissued a “cautious” rating on shares of Salesforce in a research report on Thursday, February 27th. Oppenheimer reduced their target price on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Finally, DA Davidson lowered their price target on Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $365.62.

Salesforce Price Performance

Salesforce stock opened at $282.74 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm’s 50-day simple moving average is $323.68 and its 200 day simple moving average is $308.18. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The firm has a market capitalization of $270.58 billion, a PE ratio of 46.50, a P/E/G ratio of 2.58 and a beta of 1.35.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. During the same period last year, the company earned $1.62 EPS. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, equities research analysts predict that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $301.00, for a total value of $1,872,521.00. Following the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $14,071,750. This represents a 11.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robin L. Washington purchased 1,695 shares of the stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $294.61 per share, with a total value of $499,363.95. Following the completion of the acquisition, the director now owns 43,445 shares of the company’s stock, valued at approximately $12,799,331.45. This represents a 4.06 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 1,108,793 shares of company stock valued at $383,156,227. 3.20% of the stock is owned by corporate insiders.

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.