Tranquility Partners LLC Acquires 89 Shares of Salesforce, Inc. (NYSE:CRM)

Tranquility Partners LLC lifted its holdings in Salesforce, Inc. (NYSE:CRM) by 3.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,063 shares of the CRM provider’s stock after acquiring an additional 89 shares during the quarter. Tranquility Partners LLC’s holdings in Salesforce were worth $1,024,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. State Street Corp lifted its holdings in shares of Salesforce by 1.8% in the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after acquiring an additional 864,193 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after acquiring an additional 257,501 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Salesforce by 2.6% in the 3rd quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock worth $3,360,215,000 after acquiring an additional 314,530 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Salesforce by 1.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock valued at $1,632,599,000 after buying an additional 57,825 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Salesforce by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,912,854 shares of the CRM provider’s stock valued at $1,618,407,000 after buying an additional 96,381 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRM. Truist Financial reiterated a “buy” rating and set a $400.00 price target (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Morgan Stanley upped their target price on shares of Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Northland Securities reaffirmed an “outperform” rating and issued a $440.00 target price (up from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and upped their target price for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. Finally, Guggenheim downgraded shares of Salesforce from a “neutral” rating to a “sell” rating and set a $247.00 price objective on the stock. in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $377.63.

Insider Buying and Selling at Salesforce

In related news, COO Brian Millham sold 14,808 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $338.95, for a total value of $5,019,171.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Marc Benioff sold 317,105 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total value of $109,965,671.90. Following the completion of the sale, the chief executive officer now owns 12,162,457 shares in the company, valued at approximately $4,217,696,838.46. This 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 worth $384,366,700 over the last quarter. Insiders own 3.20% of the company’s stock.

Salesforce Trading Up 0.6 %

CRM stock opened at $326.26 on Thursday. The firm has a fifty day moving average price of $338.74 and a 200 day moving average price of $301.96. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $312.23 billion, a PE ratio of 53.66, a price-to-earnings-growth ratio of 2.66 and a beta of 1.31.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.62 earnings per share. Sell-side analysts anticipate that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.49%. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.

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.