Salesforce, Inc. (NYSE:CRM) Shares Acquired by Cove Private Wealth LLC

Cove Private Wealth LLC increased its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 58.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,712 shares of the CRM provider's stock after buying an additional 2,487 shares during the quarter. Salesforce comprises 1.3% of Cove Private Wealth LLC's holdings, making the stock its 18th largest position. Cove Private Wealth LLC's holdings in Salesforce were worth $2,244,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Infrastructure Capital Advisors LLC purchased a new position in shares of Salesforce during the 3rd quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL purchased a new stake in Salesforce during the second quarter worth about $33,000. Godsey & Gibb Inc. lifted its position in shares of Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider's stock worth $33,000 after purchasing an additional 90 shares in the last quarter. Annapolis Financial Services LLC boosted its stake in shares of Salesforce by 135.6% in the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider's stock valued at $38,000 after purchasing an additional 80 shares during the period. Finally, FSA Wealth Management LLC acquired a new position in shares of Salesforce in the third quarter valued at approximately $53,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRM. BMO Capital Markets raised their price target on shares of Salesforce from $385.00 to $425.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. TD Cowen upgraded shares of Salesforce from a "hold" rating to a "buy" rating and boosted their price target for the stock from $380.00 to $400.00 in a report on Friday. Oppenheimer reaffirmed an "outperform" rating and set a $415.00 price objective (up from $385.00) on shares of Salesforce in a research report on Wednesday, December 4th. JMP Securities reissued a "market outperform" rating and issued a $450.00 target price on shares of Salesforce in a report on Wednesday, December 18th. Finally, Cfra set a $343.00 price target on Salesforce in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Salesforce currently has a consensus rating of "Moderate Buy" and an average target price of $377.63.

Salesforce Trading Up 1.5 %

Shares of NYSE CRM traded up $4.77 during midday trading on Monday, reaching $324.77. 6,283,814 shares of the stock were exchanged, compared to its average volume of 4,604,853. The stock has a 50 day moving average price of $337.31 and a 200-day moving average price of $292.02. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $310.81 billion, a P/E ratio of 53.42, a P/E/G ratio of 2.87 and a beta of 1.30. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.35 billion. During the same quarter last year, the firm earned $1.62 EPS. The firm's quarterly revenue was up 8.3% compared to the same quarter last year. Equities research analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce's payout ratio is 26.32%.

Insider Activity

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company's stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares of the company's stock, valued at $1,998,741.74. This represents a 5.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the firm's 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 sale, the chief financial officer now directly owns 45,861 shares of the company's stock, valued at $15,128,626.68. The trade was a 11.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,183,838 shares of company stock worth $405,595,158. 3.20% of the stock is currently owned by corporate 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.