Salesforce, Inc. (NYSE:CRM) Shares Sold by Western Pacific Wealth Management LP

08 Nov 2024, 07:54 by Amy Steele · The Cerbat Gem

Western Pacific Wealth Management LP cut its holdings in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 54.9% during the third quarter, HoldingsChannel.com reports. The firm owned 2,116 shares of the CRM provider’s stock after selling 2,573 shares during the period. Salesforce accounts for 0.4% of Western Pacific Wealth Management LP’s portfolio, making the stock its 20th biggest position. Western Pacific Wealth Management LP’s holdings in Salesforce were worth $579,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Umpqua Bank boosted its position in Salesforce by 0.4% in the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock valued at $2,110,000 after buying an additional 34 shares during the period. Nvwm LLC boosted its holdings in Salesforce by 1.4% in the third quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after purchasing an additional 36 shares during the period. Prentice Wealth Management LLC grew its stake in Salesforce by 1.5% during the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after purchasing an additional 37 shares in the last quarter. Private Wealth Management Group LLC increased its holdings in Salesforce by 11.6% during the 3rd quarter. Private Wealth Management Group LLC now owns 357 shares of the CRM provider’s stock worth $98,000 after purchasing an additional 37 shares during the period. Finally, Pinnacle Wealth Planning Services Inc. raised its position in Salesforce by 0.8% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after purchasing an additional 38 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Performance

NYSE:CRM opened at $310.78 on Friday. The stock has a market cap of $297.11 billion, a PE ratio of 54.05, a price-to-earnings-growth ratio of 2.70 and a beta of 1.29. Salesforce, Inc. has a fifty-two week low of $208.84 and a fifty-two week high of $318.71. The firm’s fifty day simple moving average is $275.30 and its 200-day simple moving average is $263.86. 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 (NYSE:CRM – Get Free Report) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.63 EPS. Analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.51%. Salesforce’s dividend payout ratio is presently 27.83%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRM. Truist Financial restated a “buy” rating and set a $315.00 target price (up from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. Canaccord Genuity Group increased their price objective on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. boosted their target price on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Cfra set a $343.00 price target on Salesforce in a research note on Thursday, October 17th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $330.00 price target (up from $300.00) on shares of Salesforce in a report on Thursday, October 24th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $313.37.

Check Out Our Latest Report on CRM

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, COO Brian Millham sold 60,522 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,573 shares of company stock valued at $42,319,874. Insiders own 3.20% of the company’s stock.

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