Means Investment CO. Inc. Raises Position in Salesforce, Inc. (NYSE:CRM)

by · The Cerbat Gem

Means Investment CO. Inc. lifted its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 3.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,999 shares of the CRM provider’s stock after buying an additional 1,297 shares during the period. Salesforce comprises about 1.3% of Means Investment CO. Inc.’s holdings, making the stock its 14th largest position. Means Investment CO. Inc.’s holdings in Salesforce were worth $11,496,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. New Century Financial Group LLC boosted its holdings in Salesforce by 158.0% during the third quarter. New Century Financial Group LLC now owns 2,038 shares of the CRM provider’s stock worth $558,000 after purchasing an additional 1,248 shares during the last quarter. Resonant Capital Advisors LLC lifted its position in shares of Salesforce by 109.5% during the 3rd quarter. Resonant Capital Advisors LLC now owns 7,201 shares of the CRM provider’s stock worth $1,973,000 after buying an additional 3,763 shares in the last quarter. Veracity Capital LLC boosted its stake in shares of Salesforce by 3.5% in the 3rd quarter. Veracity Capital LLC now owns 1,136 shares of the CRM provider’s stock worth $311,000 after buying an additional 38 shares during the last quarter. Verde Capital Management grew its holdings in shares of Salesforce by 1.2% in the third quarter. Verde Capital Management now owns 10,078 shares of the CRM provider’s stock valued at $2,758,000 after acquiring an additional 115 shares in the last quarter. Finally, AA Financial Advisors LLC lifted its holdings in Salesforce by 8.0% during the third quarter. AA Financial Advisors LLC now owns 6,265 shares of the CRM provider’s stock worth $1,715,000 after acquiring an additional 466 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

NYSE CRM opened at $292.94 on Friday. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a fifty day moving average of $266.65 and a 200-day moving average of $263.49. The company has a market capitalization of $283.86 billion, a P/E ratio of 52.69, a P/E/G ratio of 2.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings results 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 return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the company posted $1.63 earnings per share. The company’s revenue was up 8.5% compared to the same quarter last year. As a group, equities research analysts predict that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRM. Wells Fargo & Company upped their price objective on Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a research note on Thursday, August 29th. Canaccord Genuity Group lifted their price objective on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Stifel Nicolaus increased their target price on shares of Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Oppenheimer lifted their price target on shares of Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, Evercore ISI reissued an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $311.66.

Read Our Latest Stock Analysis on CRM

Insider Transactions at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the sale, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the completion of the transaction, the director now owns 1,363 shares in the company, valued at $376,624.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,612 shares of company stock worth $21,429,961. 3.20% of the stock is currently owned by insiders.

Salesforce Company Profile

(Free Report)

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.

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