Reynders McVeigh Capital Management LLC Purchases 42,717 Shares of Salesforce, Inc. (NYSE:CRM)

Reynders McVeigh Capital Management LLC grew its position in shares of Salesforce, Inc. (NYSE:CRM) by 4,854.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,597 shares of the CRM provider’s stock after acquiring an additional 42,717 shares during the quarter. Reynders McVeigh Capital Management LLC’s holdings in Salesforce were worth $11,933,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Piscataqua Savings Bank increased its stake in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the last quarter. Infrastructure Capital Advisors LLC acquired a new stake in shares of Salesforce in the third quarter valued at about $27,000. Clear Investment Research LLC raised its holdings in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares in the last quarter. Stephens Consulting LLC boosted its position in Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in Salesforce in the second quarter valued at approximately $33,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Up 0.2 %

CRM stock opened at $331.77 on Wednesday. The company has a market cap of $317.17 billion, a PE ratio of 57.70, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. The business has a 50-day simple moving average of $304.68 and a 200 day simple moving average of $271.14. 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.

Salesforce (NYSE:CRM) last released its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business 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 firm earned $1.62 EPS. The business’s revenue was up 8.3% on a year-over-year basis. Sell-side analysts anticipate that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 27.83%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus upped their price objective on Salesforce from $390.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday. Evercore ISI reaffirmed an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Monday, August 26th. Phillip Securities reissued an “accumulate” rating and issued a $305.00 price objective on shares of Salesforce in a research report on Friday, August 30th. FBN Securities raised shares of Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Piper Sandler lifted their price target on Salesforce from $325.00 to $395.00 and gave the stock an “overweight” rating in a report on Monday. Eight research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $362.31.

Insider Transactions at Salesforce

In other news, insider Miguel Milano sold 719 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the sale, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 140,982 shares of company stock worth $41,591,457. Insiders own 3.20% of the company’s stock.

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.