Elite Wealth Management Inc. Decreases Stock Position in Salesforce, Inc. (NYSE:CRM)

Elite Wealth Management Inc. cut its stake in shares of Salesforce, Inc. (NYSE:CRM) by 6.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,039 shares of the CRM provider’s stock after selling 1,329 shares during the quarter. Salesforce accounts for about 0.7% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 14th largest holding. Elite Wealth Management Inc.’s holdings in Salesforce were worth $6,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Foundations Investment Advisors LLC increased its stake in shares of Salesforce by 15.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after buying an additional 4,752 shares during the period. Nabity Jensen Investment Management Inc bought a new position in shares of Salesforce during the third quarter valued at about $1,215,000. Prime Capital Investment Advisors LLC boosted its holdings in shares of Salesforce by 13.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after purchasing an additional 6,938 shares during the period. Aljian Capital Management LLC grew its stake in shares of Salesforce by 16.1% in the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after purchasing an additional 1,834 shares during the last quarter. Finally, AIA Group Ltd increased its holdings in Salesforce by 8.9% during the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock valued at $6,577,000 after purchasing an additional 1,962 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Down 2.8 %

NYSE CRM opened at $309.54 on Friday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. 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 capitalization of $296.23 billion, a P/E ratio of 50.91, a price-to-earnings-growth ratio of 2.63 and a beta of 1.31. The stock’s 50-day moving average price is $333.34 and its 200-day moving average price is $305.25.

Salesforce (NYSE:CRM) last released its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The firm 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 was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.62 EPS. On average, equities research analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently announced 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 0.52%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s dividend payout ratio is currently 26.32%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Northland Securities reissued an “outperform” rating and set a $440.00 target price (up from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Canaccord Genuity Group upped their target price on Salesforce from $315.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Wells Fargo & Company upped their price target on Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 12th. Jefferies Financial Group increased their price target on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, BMO Capital Markets dropped their price target on Salesforce from $425.00 to $375.00 and set an “outperform” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-two have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $375.53.

Insiders Place Their Bets

In other news, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total value of $2,133,803.00. Following the completion of the transaction, the chief financial officer now owns 53,861 shares of the company’s stock, valued at $18,474,323. This represents a 10.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were 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 of the company’s stock, valued at $2,202,758.58. This represents a 7.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,102,833 shares of company stock worth $381,389,136. Corporate insiders own 3.20% of the company’s stock.

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.