Pathstone Holdings LLC Sells 34 Shares of Salesforce, Inc. (NYSE:CRM)

Pathstone Holdings LLC reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 0.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 110,218 shares of the CRM provider’s stock after selling 34 shares during the quarter. Pathstone Holdings LLC’s holdings in Salesforce were worth $30,178,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Aviance Capital Partners LLC raised its holdings in Salesforce by 0.5% during the 3rd quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock worth $1,860,000 after buying an additional 33 shares during the period. Baron Wealth Management LLC increased its position in shares of Salesforce by 13.4% during the third quarter. Baron Wealth Management LLC now owns 3,676 shares of the CRM provider’s stock worth $1,006,000 after acquiring an additional 434 shares in the last quarter. Joseph Group Capital Management raised its holdings in shares of Salesforce by 35.0% during the third quarter. Joseph Group Capital Management now owns 9,696 shares of the CRM provider’s stock worth $2,654,000 after acquiring an additional 2,515 shares during the period. Nixon Peabody Trust Co. lifted its position in Salesforce by 0.7% in the 3rd quarter. Nixon Peabody Trust Co. now owns 78,304 shares of the CRM provider’s stock valued at $21,433,000 after acquiring an additional 568 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC acquired a new position in Salesforce in the 3rd quarter worth $213,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Canaccord Genuity Group boosted their price target on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Jefferies Financial Group boosted their target price on Salesforce from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Northland Securities raised shares of Salesforce from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $270.00 to $400.00 in a research note on Wednesday, October 2nd. Piper Sandler lowered shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Wells Fargo & Company raised their target price on shares of Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 12th. Nine analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $325.36.

Salesforce Price Performance

CRM stock opened at $322.25 on Tuesday. The company has a fifty day simple moving average of $288.14 and a two-hundred day simple moving average of $266.96. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $348.86. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $308.07 billion, a P/E ratio of 56.04, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 earnings per share. Analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 27.83%.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Miguel Milano sold 2,934 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $262.95, for a total value of $771,495.30. Following the completion of the sale, the insider now owns 3,716 shares in the company, valued at approximately $977,122.20. The trade was a 44.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 140,173 shares of company stock valued at $40,146,206. 3.20% of the stock is currently owned by company insiders.

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.