Sendero Wealth Management LLC Decreases Position in Salesforce, Inc. (NYSE:CRM)

Sendero Wealth Management LLC reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 9.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,981 shares of the CRM provider’s stock after selling 1,583 shares during the quarter. Salesforce makes up 0.8% of Sendero Wealth Management LLC’s portfolio, making the stock its 27th biggest holding. Sendero Wealth Management LLC’s holdings in Salesforce were worth $4,205,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CRM. Osterweis Capital Management Inc. raised its position in shares of Salesforce by 463.1% during the 2nd quarter. Osterweis Capital Management Inc. now owns 3,283 shares of the CRM provider’s stock worth $694,000 after purchasing an additional 2,700 shares during the period. Pointe Capital Management LLC grew its stake in Salesforce by 370.0% during the 2nd quarter. Pointe Capital Management LLC now owns 1,551 shares of the CRM provider’s stock valued at $328,000 after acquiring an additional 1,221 shares in the last quarter. Walkner Condon Financial Advisors LLC grew its stake in shares of Salesforce by 2.9% in the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 2,633 shares of the CRM provider’s stock valued at $534,000 after buying an additional 74 shares in the last quarter. Procyon Advisors LLC grew its stake in shares of Salesforce by 72.3% in the 3rd quarter. Procyon Advisors LLC now owns 29,481 shares of the CRM provider’s stock valued at $5,978,000 after buying an additional 12,371 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new position in shares of Salesforce during the second quarter worth approximately $341,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Salesforce

In other Salesforce news, COO Brian Millham sold 14,516 shares of Salesforce stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $309.32, for a total transaction of $4,490,089.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Srinivas Tallapragada sold 10,000 shares of the firm’s stock in a transaction on Tuesday, December 26th. The stock was sold at an average price of $265.70, for a total transaction of $2,657,000.00. Following the completion of the transaction, the insider now directly owns 59,861 shares in the company, valued at $15,905,067.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Brian Millham sold 14,516 shares of Salesforce stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $309.32, for a total value of $4,490,089.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,169,296 shares of company stock valued at $326,477,726. 3.70% of the stock is currently owned by company insiders.

Salesforce Price Performance

CRM stock traded down $2.79 on Monday, hitting $304.98. 1,460,881 shares of the company’s stock traded hands, compared to its average volume of 5,794,945. Salesforce, Inc. has a 1-year low of $187.31 and a 1-year high of $318.71. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $295.83 billion, a price-to-earnings ratio of 72.44, a P/E/G ratio of 2.37 and a beta of 1.28. The stock has a fifty day moving average of $292.17 and a 200-day moving average of $250.60.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period last year, the firm posted $1.01 EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. On average, analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.52%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Mizuho restated a “buy” rating and issued a $345.00 target price (up previously from $325.00) on shares of Salesforce in a research note on Thursday, February 29th. Truist Financial reiterated a “buy” rating and issued a $360.00 price objective (up from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. Morgan Stanley raised Salesforce from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $290.00 to $350.00 in a research report on Thursday, December 21st. Wedbush upped their price target on Salesforce from $280.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Finally, StockNews.com cut Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $304.32.

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.