Procyon Advisors LLC Raises Stock Position in Salesforce, Inc. (NYSE:CRM)

Procyon Advisors LLC boosted its position in shares of Salesforce, Inc. (NYSE:CRM) by 2.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,064 shares of the CRM provider’s stock after purchasing an additional 583 shares during the quarter. Procyon Advisors LLC’s holdings in Salesforce were worth $7,911,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Osterweis Capital Management Inc. grew its stake in Salesforce by 463.1% in the second quarter. Osterweis Capital Management Inc. now owns 3,283 shares of the CRM provider’s stock valued at $694,000 after purchasing an additional 2,700 shares during the last quarter. Pointe Capital Management LLC boosted its holdings in Salesforce by 370.0% in the second quarter. Pointe Capital Management LLC now owns 1,551 shares of the CRM provider’s stock worth $328,000 after acquiring an additional 1,221 shares in the last quarter. Walkner Condon Financial Advisors LLC grew its position in Salesforce by 2.9% during the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 2,633 shares of the CRM provider’s stock worth $534,000 after purchasing an additional 74 shares during the last quarter. BlueCrest Capital Management Ltd acquired a new position in shares of Salesforce in the 2nd quarter valued at $341,000. Finally, Pure Financial Advisors LLC acquired a new stake in shares of Salesforce during the fourth quarter worth about $214,000. Institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on CRM shares. Robert W. Baird upped their price target on shares of Salesforce from $310.00 to $355.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Oppenheimer boosted their target price on shares of Salesforce from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Monday, February 12th. Royal Bank of Canada raised their price target on shares of Salesforce from $285.00 to $325.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Citigroup lifted their price objective on shares of Salesforce from $265.00 to $325.00 and gave the company a “neutral” rating in a report on Monday, February 26th. Finally, Truist Financial reissued a “buy” rating and set a $360.00 target price (up from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $304.32.

Salesforce Trading Up 0.4 %

Shares of CRM traded up $1.28 during midday trading on Thursday, hitting $302.66. 597,098 shares of the stock were exchanged, compared to its average volume of 5,692,840. Salesforce, Inc. has a 52-week low of $187.31 and a 52-week high of $318.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a fifty day simple moving average of $293.59 and a 200 day simple moving average of $251.75. The firm has a market cap of $293.58 billion, a P/E ratio of 71.46, a P/E/G ratio of 2.35 and a beta of 1.28.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the company earned $1.01 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. On average, research analysts anticipate that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Wednesday, March 13th. Salesforce’s dividend payout ratio is presently 9.52%.

Insider Buying and Selling

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $251.61, for a total value of $3,774,150.00. Following the sale, the chief executive officer now directly owns 13,896,166 shares in the company, valued at $3,496,414,327.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $251.61, for a total value of $3,774,150.00. Following the completion of the transaction, the chief executive officer now owns 13,896,166 shares in the company, valued at approximately $3,496,414,327.26. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $306.50, for a total transaction of $1,287,300.00. Following the completion of the transaction, the insider now directly owns 105,837 shares in the company, valued at $32,439,040.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 898,507 shares of company stock worth $255,293,063. Corporate insiders own 3.70% of the company’s stock.

Salesforce 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.