Maridea Wealth Management LLC Buys New Shares in Salesforce, Inc. (NYSE:CRM)

Maridea Wealth Management LLC purchased a new position in Salesforce, Inc. (NYSE:CRM) in the 4th quarter, Holdings Channel.com reports. The fund purchased 808 shares of the CRM provider’s stock, valued at approximately $270,000.

Other institutional investors have also added to or reduced their stakes in the company. Foundations Investment Advisors LLC lifted its stake in shares of Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after acquiring an additional 4,752 shares during the last quarter. Nabity Jensen Investment Management Inc purchased a new position in Salesforce in the 3rd quarter worth approximately $1,215,000. Athena Investment Management bought a new stake in Salesforce in the fourth quarter valued at approximately $236,000. Highland Capital Management LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at approximately $4,321,000. Finally, Geode Capital Management LLC boosted its position in Salesforce by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after buying an additional 257,501 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Brian Millham sold 708 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $235,254.24. Following the sale, the chief operating officer now directly owns 1,239 shares of the company’s stock, valued at $411,694.92. This represents a 36.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total value of $2,052,183.48. Following the transaction, the chief financial officer now owns 45,861 shares of the company’s stock, valued at $15,128,626.68. This trade represents a 11.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 45,660 shares of company stock valued at $14,095,336 in the last ninety days. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CRM shares. Piper Sandler reissued an “overweight” rating on shares of Salesforce in a research note on Wednesday, March 19th. Bank of America lowered their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Stifel Nicolaus cut their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group dropped their target price on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Royal Bank of Canada increased their price target on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Stock Performance

Salesforce stock opened at $270.04 on Friday. The company’s 50-day moving average price is $309.39 and its 200-day moving average price is $311.13. 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 company has a market cap of $259.51 billion, a PE ratio of 44.42, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 10th. This is an increase from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 0.62%. Salesforce’s dividend payout ratio is 26.10%.

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.