Wrapmanager Inc. Sells 3,707 Shares of Salesforce, Inc. (NYSE:CRM)

Wrapmanager Inc. cut its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 49.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,763 shares of the CRM provider's stock after selling 3,707 shares during the quarter. Wrapmanager Inc.'s holdings in Salesforce were worth $1,030,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Prospera Financial Services Inc raised its holdings in shares of Salesforce by 8.0% in the 3rd quarter. Prospera Financial Services Inc now owns 54,791 shares of the CRM provider's stock worth $14,998,000 after purchasing an additional 4,047 shares during the period. Meeder Asset Management Inc. grew its stake in shares of Salesforce by 67.3% in the third quarter. Meeder Asset Management Inc. now owns 666 shares of the CRM provider's stock valued at $182,000 after buying an additional 268 shares in the last quarter. Belmont Capital LLC grew its stake in shares of Salesforce by 203.2% in the third quarter. Belmont Capital LLC now owns 6,570 shares of the CRM provider's stock valued at $1,798,000 after buying an additional 4,403 shares in the last quarter. Aviance Capital Partners LLC grew its stake in shares of Salesforce by 0.5% in the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider's stock valued at $1,860,000 after buying an additional 33 shares in the last quarter. Finally, Baron Wealth Management LLC grew its stake in shares of Salesforce by 13.4% in the third quarter. Baron Wealth Management LLC now owns 3,676 shares of the CRM provider's stock valued at $1,006,000 after buying an additional 434 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Stock Performance

NYSE:CRM traded up $1.26 during mid-day trading on Tuesday, hitting $323.51. The stock had a trading volume of 2,389,764 shares, compared to its average volume of 6,292,949. The company's 50 day simple moving average is $288.14 and its 200 day simple moving average is $266.96. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $309.28 billion, a price-to-earnings ratio of 56.09, a PEG ratio of 2.94 and a beta of 1.29. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $348.86.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to analysts' expectations of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business's revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the firm earned $1.63 earnings per share. On average, equities research analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

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

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of recent research reports. Bank of America increased their target price on Salesforce from $325.00 to $390.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Piper Sandler lowered Salesforce from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 10th. Evercore ISI restated an "outperform" rating and set a $300.00 price objective on shares of Salesforce in a research note on Monday, August 26th. Raymond James lifted their target price on Salesforce from $325.00 to $350.00 and gave the stock a "strong-buy" rating in a research report on Thursday, August 29th. Finally, DA Davidson lifted their target price on Salesforce from $230.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Salesforce has an average rating of "Moderate Buy" and an average target price of $325.36.

Insider Transactions at Salesforce

In other 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 completion of the sale, the chief accounting officer now owns 7,006 shares in the company, valued at $1,998,741.74. This trade represents a 5.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 completion of the transaction, the insider now owns 3,716 shares of the company's stock, valued at $977,122.20. This represents a 44.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 140,173 shares of company stock valued at $40,146,206 in the last 90 days. 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.