MFG Wealth Management Inc. Makes New $2.11 Million Investment in Salesforce, Inc. (NYSE:CRM)

MFG Wealth Management Inc. bought a new stake in shares of Salesforce, Inc. (NYSE:CRM) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,307 shares of the CRM provider’s stock, valued at approximately $2,109,000. Salesforce makes up approximately 1.9% of MFG Wealth Management Inc.’s investment portfolio, making the stock its 26th largest position.

Other hedge funds have also made changes to their positions in the company. Nvest Financial LLC lifted its holdings in Salesforce by 1.1% during the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after purchasing an additional 31 shares in the last quarter. OMC Financial Services LTD raised its position in shares of Salesforce by 0.3% during the 4th quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock worth $3,808,000 after purchasing an additional 31 shares during the last quarter. Sachetta LLC lifted its stake in Salesforce by 0.3% in the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock valued at $3,684,000 after buying an additional 32 shares in the last quarter. Aviance Capital Partners LLC boosted its holdings in Salesforce by 0.5% in the 3rd quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock worth $1,860,000 after buying an additional 33 shares during the last quarter. Finally, EWA LLC increased its stake in Salesforce by 1.7% during the 3rd quarter. EWA LLC now owns 2,001 shares of the CRM provider’s stock worth $548,000 after buying an additional 33 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Salesforce

In other news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total value of $2,089,882.74. Following the transaction, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at $15,705,195. The trade was a 11.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Marc Benioff sold 317,105 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the sale, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,111,420 shares of company stock valued at $384,366,700 in the last ninety days. Insiders own 3.20% of the company’s stock.

Salesforce Stock Up 0.6 %

Shares of Salesforce stock opened at $326.26 on Thursday. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a 50 day moving average of $338.74 and a 200 day moving average of $301.96. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $312.23 billion, a P/E ratio of 53.66, a P/E/G ratio of 2.66 and a beta of 1.31.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 EPS. As a group, research analysts forecast that Salesforce, Inc. will post 7.48 EPS 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 issued 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%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and issued a $405.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and lifted their target price for the stock from $380.00 to $400.00 in a research note on Friday, January 17th. Jefferies Financial Group increased their target price on shares of Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. DA Davidson boosted their price target on shares of Salesforce from $250.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Northland Securities reiterated an “outperform” rating and issued a $440.00 price objective (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $377.63.

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.