Drive Wealth Management LLC Lowers Stock Position in Salesforce, Inc. (NYSE:CRM)

Drive Wealth Management LLC decreased its position in Salesforce, Inc. (NYSE:CRM) by 5.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,433 shares of the CRM provider’s stock after selling 153 shares during the period. Drive Wealth Management LLC’s holdings in Salesforce were worth $667,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Piscataqua Savings Bank boosted its position in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares in the last quarter. Clear Investment Research LLC lifted its position in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares in the last quarter. Stephens Consulting LLC lifted its position in shares of Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after buying an additional 125 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Salesforce in the 2nd quarter valued at $33,000. Finally, Godsey & Gibb Inc. increased its holdings in Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Ratings Changes

CRM has been the topic of several recent analyst reports. Evercore ISI reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Stifel Nicolaus lifted their price objective on Salesforce from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, October 28th. DA Davidson increased their target price on Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Northland Capmk raised Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Finally, BMO Capital Markets boosted their price target on Salesforce from $305.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $322.51.

Insider Buying and Selling at Salesforce

In other news, insider Miguel Milano sold 2,934 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $262.95, for a total transaction of $771,495.30. Following the transaction, the insider now directly owns 3,716 shares in the company, valued at $977,122.20. The trade was a 44.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 144,373 shares of company stock worth $41,250,680 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Down 1.9 %

Shares of NYSE CRM opened at $325.26 on Monday. The stock has a market cap of $310.95 billion, a P/E ratio of 56.57, a PEG ratio of 2.94 and a beta of 1.29. The business’s fifty day simple moving average is $286.61 and its 200-day simple moving average is $266.61. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $348.86. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the company earned $1.63 EPS. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities analysts predict that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.49%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

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.