Ascent Group LLC Cuts Holdings in Salesforce, Inc. (NYSE:CRM)

Ascent Group LLC reduced its position in shares of Salesforce, Inc. (NYSE:CRM) by 18.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,002 shares of the CRM provider’s stock after selling 3,554 shares during the quarter. Ascent Group LLC’s holdings in Salesforce were worth $4,380,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CRM. Aviance Capital Partners LLC boosted its position in Salesforce by 0.5% during the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock worth $1,860,000 after purchasing an additional 33 shares in the last quarter. Umpqua Bank raised its stake in shares of Salesforce by 0.4% during the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock worth $2,110,000 after buying an additional 34 shares during the period. Principal Street Partners LLC lifted its position in shares of Salesforce by 1.0% during the 3rd quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider’s stock valued at $891,000 after buying an additional 34 shares in the last quarter. Nvwm LLC grew its stake in Salesforce by 1.4% in the 3rd quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after acquiring an additional 36 shares during the period. Finally, Prentice Wealth Management LLC increased its holdings in Salesforce by 1.5% in the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after acquiring an additional 37 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Trading Down 0.0 %

NYSE CRM opened at $329.99 on Monday. The firm’s fifty day moving average price is $302.12 and its 200 day moving average price is $270.49. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $348.86. 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 capitalization of $315.47 billion, a price-to-earnings ratio of 57.39, a price-to-earnings-growth ratio of 2.99 and a beta of 1.29.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

Analysts Set New Price Targets

Several equities analysts have issued reports on CRM shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Thursday, September 19th. Morgan Stanley lifted their price objective on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. increased their target price on Salesforce from $310.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Erste Group Bank upgraded Salesforce from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Scotiabank started coverage on Salesforce in a research report on Monday, November 18th. They set a “sector outperform” rating and a $425.00 price target for the company. Eight investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $341.89.

Insider Transactions at Salesforce

In other news, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction on Monday, November 25th. The shares were sold at an average price of $342.81, for a total value of $246,480.39. Following the transaction, the insider now directly owns 4,659 shares of the company’s stock, valued at $1,597,151.79. The trade was a 13.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Brian Millham sold 14,808 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $338.95, for a total transaction of $5,019,171.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 144,510 shares of company stock worth $42,475,538. Corporate insiders own 3.20% of the company’s stock.

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.