Prio Wealth Limited Partnership Sells 6,045 Shares of Salesforce, Inc. (NYSE:CRM)

Prio Wealth Limited Partnership decreased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 7.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,162 shares of the CRM provider’s stock after selling 6,045 shares during the quarter. Prio Wealth Limited Partnership’s holdings in Salesforce were worth $19,204,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. XN LP boosted its stake in Salesforce by 24.2% during the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after purchasing an additional 90,616 shares during the period. Atomi Financial Group Inc. boosted its stake in Salesforce by 27.5% during the 3rd quarter. Atomi Financial Group Inc. now owns 11,999 shares of the CRM provider’s stock valued at $3,284,000 after purchasing an additional 2,589 shares during the period. M&G Plc bought a new stake in Salesforce during the 1st quarter valued at approximately $2,178,000. First Foundation Advisors boosted its stake in Salesforce by 38.0% during the 1st quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock valued at $249,000 after purchasing an additional 228 shares during the period. Finally, St. Johns Investment Management Company LLC boosted its stake in Salesforce by 4.1% during the 1st quarter. St. Johns Investment Management Company LLC now owns 5,834 shares of the CRM provider’s stock valued at $1,757,000 after purchasing an additional 228 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Trading Down 0.7 %

Shares of NYSE CRM traded down $2.09 during midday trading on Monday, hitting $290.85. The stock had a trading volume of 642,695 shares, compared to its average volume of 6,385,863. The company’s 50-day simple moving average is $266.65 and its 200 day simple moving average is $263.20. The firm has a market cap of $281.83 billion, a P/E ratio of 52.43, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period last year, the firm earned $1.63 EPS. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. Research analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.55%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Analysts Set New Price Targets

A number of brokerages have commented on CRM. TD Cowen raised their price objective on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Bank of America reiterated a “buy” rating and issued a $325.00 price objective on shares of Salesforce in a research report on Friday, September 6th. Truist Financial reiterated a “buy” rating and issued a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. JPMorgan Chase & Co. raised their price objective on Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Finally, Wedbush raised their price objective on Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $311.66.

Insider Buying and Selling

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 transaction of $105,637.14. Following the completion of the sale, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Salesforce news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total transaction of $1,217,454.00. Following the transaction, the insider now directly owns 118,514 shares in the company, valued at approximately $34,353,653.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated 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 owns 6,431 shares in the company, valued at approximately $1,644,921.18. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,575 shares of company stock valued at $20,923,258 over the last three months. Company insiders own 3.20% of the company’s stock.

Salesforce Company 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.