Belmont Capital LLC Buys 4,403 Shares of Salesforce, Inc. (NYSE:CRM)

Belmont Capital LLC boosted its stake in Salesforce, Inc. (NYSE:CRM - Free Report) by 203.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,570 shares of the CRM provider's stock after purchasing an additional 4,403 shares during the quarter. Belmont Capital LLC's holdings in Salesforce were worth $1,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of CRM. Bessemer Group Inc. raised its stake in shares of Salesforce by 103.5% during the first quarter. Bessemer Group Inc. now owns 54,761 shares of the CRM provider's stock worth $16,494,000 after acquiring an additional 27,850 shares in the last quarter. Vaughan David Investments LLC IL purchased a new position in shares of Salesforce during the first quarter worth approximately $324,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Salesforce by 31.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 81,100 shares of the CRM provider's stock worth $24,426,000 after acquiring an additional 19,200 shares in the last quarter. InterOcean Capital Group LLC raised its stake in shares of Salesforce by 18.0% during the first quarter. InterOcean Capital Group LLC now owns 4,062 shares of the CRM provider's stock worth $1,223,000 after acquiring an additional 621 shares in the last quarter. Finally, Evermay Wealth Management LLC raised its stake in shares of Salesforce by 5.1% during the first quarter. Evermay Wealth Management LLC now owns 1,879 shares of the CRM provider's stock worth $566,000 after acquiring an additional 91 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. UBS Group lifted their price target on shares of Salesforce from $250.00 to $275.00 and gave the stock a "neutral" rating in a research note on Thursday, August 29th. Piper Sandler cut shares of Salesforce from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 10th. Jefferies Financial Group raised their target price on shares of Salesforce from $350.00 to $400.00 and gave the stock a "buy" rating in a report on Monday, November 11th. Bank of America raised their target price on shares of Salesforce from $325.00 to $390.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Finally, FBN Securities upgraded shares of Salesforce to a "strong-buy" rating in a report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $325.36.

Salesforce Stock Performance

Shares of NYSE CRM traded up $1.04 during trading on Tuesday, reaching $323.29. 5,467,790 shares of the company traded hands, compared to its average volume of 6,306,689. The firm has a 50 day simple moving average of $289.68 and a 200-day simple moving average of $267.31. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $309.07 billion, a PE ratio of 56.22, a P/E/G ratio of 2.94 and a beta of 1.29. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $348.86.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly 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 firm had revenue of $9.33 billion for 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 business's quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.63 EPS. Equities research analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Wednesday, September 18th. Salesforce's payout ratio is 27.83%.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm's stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Miguel Milano sold 2,934 shares of Salesforce stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $262.95, for a total transaction of $771,495.30. Following the sale, the insider now owns 3,716 shares in the company, valued at approximately $977,122.20. The trade was a 44.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 140,173 shares of company stock valued at $40,146,206. 3.20% of the stock is owned by insiders.

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.