Congress Wealth Management LLC DE Sells 1,772 Shares of Salesforce, Inc. (NYSE:CRM)

Congress Wealth Management LLC DE reduced its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 66,488 shares of the CRM provider's stock after selling 1,772 shares during the period. Congress Wealth Management LLC DE's holdings in Salesforce were worth $22,229,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Twin City Private Wealth LLC grew its holdings in Salesforce by 3.0% in the 4th quarter. Twin City Private Wealth LLC now owns 3,321 shares of the CRM provider's stock worth $1,112,000 after acquiring an additional 97 shares during the last quarter. Crowley Wealth Management Inc. bought a new stake in shares of Salesforce in the fourth quarter worth about $67,000. Community Bank N.A. increased its holdings in Salesforce by 2.5% during the 4th quarter. Community Bank N.A. now owns 5,529 shares of the CRM provider's stock valued at $1,848,000 after purchasing an additional 135 shares during the period. Napatree Capital LLC raised its position in Salesforce by 32.1% during the 4th quarter. Napatree Capital LLC now owns 1,520 shares of the CRM provider's stock valued at $508,000 after purchasing an additional 369 shares during the last quarter. Finally, Meridian Wealth Partners LLC lifted its holdings in Salesforce by 5.3% in the 4th quarter. Meridian Wealth Partners LLC now owns 834 shares of the CRM provider's stock worth $279,000 after buying an additional 42 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Remove Ads

Insider Activity

In related news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the completion of the transaction, the chief financial officer now directly owns 45,861 shares of the company's stock, valued at approximately $15,128,626.68. This represents a 11.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Brian Millham sold 708 shares of the company's stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $235,254.24. Following the sale, the chief operating officer now directly owns 1,239 shares in the company, valued at $411,694.92. This trade represents a 36.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 45,660 shares of company stock worth $14,095,336 over the last quarter. Insiders own 3.20% of the company's stock.

Salesforce Price Performance

Shares of NYSE CRM traded down $3.11 during mid-day trading on Thursday, reaching $277.88. The company's stock had a trading volume of 3,755,356 shares, compared to its average volume of 6,389,262. The stock has a fifty day moving average of $310.49 and a two-hundred day moving average of $310.51. The firm has a market capitalization of $267.04 billion, a PE ratio of 45.70, a P/E/G ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be issued a dividend of $0.42 per share. This is a positive change from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 0.60%. Salesforce's dividend payout ratio (DPR) is 25.16%.

Analyst Ratings Changes

CRM has been the topic of several research analyst reports. DA Davidson reduced their target price on Salesforce from $300.00 to $275.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group decreased their price objective on shares of Salesforce from $415.00 to $400.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Morgan Stanley lifted their target price on shares of Salesforce from $330.00 to $405.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Guggenheim restated a "sell" rating and issued a $247.00 price objective on shares of Salesforce in a report on Thursday, February 27th. Finally, JMP Securities reiterated a "market outperform" rating and set a $450.00 target price on shares of Salesforce in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $362.74.

About Salesforce

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.