Kingsview Wealth Management LLC Purchases 15,517 Shares of Salesforce, Inc. (NYSE:CRM)

Kingsview Wealth Management LLC increased its position in Salesforce, Inc. (NYSE:CRM) by 13.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,225 shares of the CRM provider’s stock after purchasing an additional 15,517 shares during the period. Salesforce makes up approximately 0.8% of Kingsview Wealth Management LLC’s holdings, making the stock its 27th biggest position. Kingsview Wealth Management LLC’s holdings in Salesforce were worth $35,918,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Swedbank AB bought a new position in shares of Salesforce in the 1st quarter worth approximately $874,748,000. Veritas Asset Management LLP bought a new position in shares of Salesforce in the 3rd quarter worth approximately $733,805,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after purchasing an additional 1,922,674 shares during the period. AMF Tjanstepension AB lifted its stake in shares of Salesforce by 376.1% in the 2nd quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock worth $370,873,000 after purchasing an additional 1,139,472 shares during the period. Finally, KBC Group NV increased its holdings in Salesforce by 171.2% in the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after acquiring an additional 1,032,068 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Sabastian Niles sold 2,484 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the sale, the insider now owns 828 shares of the company’s stock, valued at $202,702.68. This trade represents a 75.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total value of $1,104,180.00. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at $30,912,044.90. This represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 147,991 shares of company stock worth $43,333,238 in the last three months. 3.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CRM has been the subject of a number of research analyst reports. Citigroup increased their price objective on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a report on Monday, August 26th. TD Cowen increased their target price on Salesforce from $290.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday. JMP Securities raised their price target on Salesforce from $342.00 to $450.00 and gave the stock a “market outperform” rating in a research report on Friday. BMO Capital Markets raised their price target on Salesforce from $305.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Finally, Loop Capital raised their price target on Salesforce from $270.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, November 14th. Eight analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and an average target price of $336.37.

Salesforce Trading Up 1.9 %

Shares of CRM stock opened at $342.12 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $327.07 billion, a price-to-earnings ratio of 59.50, a PEG ratio of 3.04 and a beta of 1.29. The stock has a 50 day simple moving average of $294.61 and a 200-day simple moving average of $268.66. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $348.86.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping 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 business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the company posted $1.63 EPS. The business’s quarterly revenue was up 8.5% on a year-over-year basis. On average, equities research analysts expect that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.47%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is currently 27.83%.

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.