Cherrydale Wealth Management LLC Makes New $227,000 Investment in Salesforce, Inc. (NYSE:CRM)

Cherrydale Wealth Management LLC bought a new stake in shares of Salesforce, Inc. (NYSE:CRM) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 678 shares of the CRM provider’s stock, valued at approximately $227,000.

Several other hedge funds also recently made changes to their positions in the business. Infrastructure Capital Advisors LLC purchased a new stake in shares of Salesforce in the 3rd quarter valued at approximately $27,000. Godsey & Gibb Inc. boosted its position in shares of Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after buying an additional 90 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in shares of Salesforce during the second quarter valued at $33,000. Annapolis Financial Services LLC raised its position in Salesforce by 135.6% during the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock valued at $38,000 after buying an additional 80 shares during the period. Finally, Friedenthal Financial acquired a new stake in Salesforce during the fourth quarter valued at $55,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insiders Place Their Bets

In related news, COO Brian Millham sold 6,161 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $289.75, for a total value of $1,785,149.75. Following the sale, the chief operating officer now owns 969 shares in the company, valued at approximately $280,767.75. This represents a 86.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $288.82, for a total transaction of $1,213,044.00. Following the completion of the transaction, the insider now owns 118,514 shares in the company, valued at approximately $34,229,213.48. This represents a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,183,838 shares of company stock valued at $405,595,158 over the last 90 days. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Up 1.5 %

Shares of CRM stock traded up $4.77 during trading on Friday, reaching $324.77. The company’s stock had a trading volume of 6,283,814 shares, compared to its average volume of 4,604,853. The company has a market cap of $310.81 billion, a price-to-earnings ratio of 53.42, a price-to-earnings-growth ratio of 2.87 and a beta of 1.30. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The business has a fifty day moving average price of $337.25 and a 200-day moving average price of $291.08. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

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

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Wednesday, December 18th. Salesforce’s payout ratio is currently 26.32%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Royal Bank of Canada upped their price target on Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. KeyCorp raised shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective for the company in a report on Friday, December 13th. Piper Sandler reissued an “overweight” rating and issued a $405.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Robert W. Baird upped their target price on Salesforce from $340.00 to $430.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $377.63.

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.