Thrive Wealth Management LLC Sells 537 Shares of Salesforce, Inc. (NYSE:CRM)

Thrive Wealth Management LLC decreased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 6.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 7,245 shares of the CRM provider’s stock after selling 537 shares during the period. Thrive Wealth Management LLC’s holdings in Salesforce were worth $1,944,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Salesforce by 45.8% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,070 shares of the CRM provider’s stock worth $556,000 after purchasing an additional 650 shares during the period. Diligent Investors LLC increased its stake in Salesforce by 2.4% during the first quarter. Diligent Investors LLC now owns 4,283 shares of the CRM provider’s stock valued at $1,149,000 after acquiring an additional 101 shares during the period. KWB Wealth raised its holdings in Salesforce by 6.3% in the 1st quarter. KWB Wealth now owns 1,560 shares of the CRM provider’s stock valued at $419,000 after acquiring an additional 93 shares in the last quarter. Fermata Advisors LLC lifted its position in shares of Salesforce by 87.3% in the 1st quarter. Fermata Advisors LLC now owns 2,199 shares of the CRM provider’s stock worth $590,000 after acquiring an additional 1,025 shares during the period. Finally, Naples Global Advisors LLC grew its holdings in shares of Salesforce by 14.0% during the 1st quarter. Naples Global Advisors LLC now owns 13,120 shares of the CRM provider’s stock worth $3,521,000 after purchasing an additional 1,607 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Trading Down 0.6%

NYSE CRM opened at $262.85 on Thursday. The company has a market capitalization of $251.28 billion, a PE ratio of 43.23, a P/E/G ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00. The stock has a 50-day simple moving average of $266.51 and a 200 day simple moving average of $303.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.03. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same quarter last year, the firm earned $2.44 EPS. Salesforce’s quarterly revenue was up 7.6% compared to the same quarter last year. Research analysts forecast that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were given a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.64%. This is a boost from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio is currently 25.98%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CRM shares. DA Davidson reiterated an “underperform” rating and set a $200.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. Citigroup lowered their target price on shares of Salesforce from $320.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 30th. Jefferies Financial Group cut their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Piper Sandler upped their price objective on Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research note on Wednesday, May 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $400.00 target price on shares of Salesforce in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $346.34.

Insider Buying and Selling

In other news, insider R David Schmaier sold 6,959 shares of the company’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the transaction, the insider now directly owns 36,090 shares of the company’s stock, valued at $9,141,957.90. This represents a 16.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $275.00, for a total transaction of $137,500.00. Following the completion of the sale, the chief accounting officer now owns 11,711 shares in the company, valued at $3,220,525. The trade was a 4.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 40,332 shares of company stock valued at $11,024,802. 3.20% of the stock is owned by company insiders.

Salesforce Company 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.