149,213 Shares in Salesforce, Inc. (NYSE:CRM) Bought by Strategic Financial Concepts LLC

Strategic Financial Concepts LLC purchased a new stake in Salesforce, Inc. (NYSE:CRM) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 149,213 shares of the CRM provider’s stock, valued at approximately $38,363,000.

Several other hedge funds also recently added to or reduced their stakes in CRM. JFS Wealth Advisors LLC raised its holdings in shares of Salesforce by 11.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock valued at $93,000 after buying an additional 36 shares during the period. Fox Hill Wealth Management raised its stake in shares of Salesforce by 4.0% during the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after purchasing an additional 38 shares during the period. Pinnacle Wealth Planning Services Inc. lifted its position in shares of Salesforce by 0.8% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after purchasing an additional 38 shares in the last quarter. Glassman Wealth Services lifted its position in shares of Salesforce by 2.9% during the fourth quarter. Glassman Wealth Services now owns 1,369 shares of the CRM provider’s stock worth $360,000 after purchasing an additional 39 shares in the last quarter. Finally, Blue Barn Wealth LLC boosted its stake in shares of Salesforce by 1.8% in the first quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock valued at $665,000 after purchasing an additional 39 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Performance

Shares of CRM opened at $243.97 on Friday. The firm has a market capitalization of $236.41 billion, a PE ratio of 43.88, a P/E/G ratio of 2.22 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $254.52 and a 200 day moving average price of $269.68. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion during 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 was up 8.5% on a year-over-year basis. During the same period last year, the firm posted $1.63 earnings per share. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.52 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Insider Activity at Salesforce

In other Salesforce news, Director Craig Conway sold 6,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $239.64, for a total value of $1,437,840.00. Following the completion of the sale, the director now directly owns 6,855 shares of the company’s stock, valued at approximately $1,642,732.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Craig Conway sold 6,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $239.64, for a total value of $1,437,840.00. Following the sale, the director now directly owns 6,855 shares of the company’s stock, valued at $1,642,732.20. The disclosure for this sale can be found here. Insiders sold 83,692 shares of company stock valued at $21,006,957 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Truist Financial reaffirmed a “buy” rating and set a $300.00 price target on shares of Salesforce in a research note on Friday, August 30th. Morgan Stanley lifted their target price on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Macquarie reduced their price target on Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a report on Friday, May 31st. Oppenheimer lifted their price objective on Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, Loop Capital increased their target price on Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $304.41.

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.