Northstar Asset Management Inc. Buys 873 Shares of Salesforce, Inc. (NYSE:CRM)

by · The Markets Daily

Northstar Asset Management Inc. raised its position in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 2.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,485 shares of the CRM provider’s stock after purchasing an additional 873 shares during the quarter. Salesforce accounts for about 2.5% of Northstar Asset Management Inc.’s investment portfolio, making the stock its 17th largest position. Northstar Asset Management Inc.’s holdings in Salesforce were worth $10,260,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Ruedi Wealth Management Inc. lifted its position in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares in the last quarter. Piscataqua Savings Bank lifted its holdings in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares in the last quarter. Clear Investment Research LLC grew its holdings in Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares in the last quarter. Stephens Consulting LLC lifted its holdings in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce during the second quarter worth $33,000. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Northland Capmk raised Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Loop Capital reiterated a “hold” rating and issued a $270.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Robert W. Baird lifted their target price on Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Wedbush increased their price target on Salesforce from $315.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Finally, BMO Capital Markets lifted their price objective on shares of Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $313.37.

Read Our Latest Stock Report on Salesforce

Salesforce Stock Down 0.2 %

CRM stock opened at $297.53 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 52 week low of $204.69 and a 52 week high of $318.71. The stock has a market capitalization of $284.44 billion, a PE ratio of 51.74, a price-to-earnings-growth ratio of 2.67 and a beta of 1.29. The firm has a 50 day moving average of $274.34 and a 200 day moving average of $263.56.

Salesforce (NYSE:CRM – Get Free Report) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 earnings per share. Sell-side analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.54%. Salesforce’s dividend payout ratio is presently 27.83%.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $254.57, for a total transaction of $1,069,194.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at $29,932,595.17. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $254.57, for a total value of $1,069,194.00. Following the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $29,932,595.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Miguel Milano sold 2,934 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $262.95, for a total transaction of $771,495.30. Following the completion of the sale, the insider now directly owns 3,716 shares of the company’s stock, valued at approximately $977,122.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 146,003 shares of company stock valued at $41,494,084. Corporate insiders own 3.20% of the company’s stock.

About Salesforce

(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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