Core Wealth Advisors Inc. Has $1.86 Million Position in Salesforce Inc. $CRM

Core Wealth Advisors Inc. cut its holdings in Salesforce Inc. (NYSE:CRM) by 16.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,916 shares of the CRM provider’s stock after selling 1,383 shares during the quarter. Salesforce comprises 0.6% of Core Wealth Advisors Inc.’s portfolio, making the stock its 21st largest position. Core Wealth Advisors Inc.’s holdings in Salesforce were worth $1,856,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bernard Wealth Management Corp. bought a new position in Salesforce in the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC bought a new position in shares of Salesforce during the fourth quarter worth $27,000. Capital A Wealth Management LLC boosted its position in shares of Salesforce by 450.0% during the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 90 shares in the last quarter. CBIZ Investment Advisory Services LLC boosted its position in shares of Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 85 shares in the last quarter. Finally, Abound Financial LLC bought a new position in shares of Salesforce during the first quarter worth $31,000. 80.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Morgan Stanley reissued an “overweight” rating and set a $404.00 price target (up from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Stephens reduced their price target on shares of Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a research report on Friday, May 30th. The Goldman Sachs Group boosted their price objective on shares of Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, May 29th. Stifel Nicolaus cut their price objective on shares of Salesforce from $375.00 to $325.00 and set a “buy” rating on the stock in a research report on Wednesday, August 13th. Finally, Piper Sandler boosted their price objective on shares of Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $341.47.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of the business’s stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $248.56, for a total transaction of $559,260.00. Following the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at $2,960,740,087.76. The trade was a 0.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 59,327 shares of company stock valued at $15,201,738. 3.00% of the stock is currently owned by insiders.

Salesforce Stock Up 0.7%

Shares of CRM stock opened at $256.37 on Monday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 1 year low of $226.48 and a 1 year high of $369.00. The firm’s fifty day moving average price is $257.34 and its two-hundred day moving average price is $268.85. The firm has a market capitalization of $245.09 billion, a P/E ratio of 40.12, a PEG ratio of 2.33 and a beta of 1.22.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were paid a $0.416 dividend. This represents a $1.66 annualized dividend and a yield of 0.6%. The ex-dividend date was Wednesday, June 18th. Salesforce’s payout ratio is presently 25.98%.

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.