Congress Wealth Management LLC DE Acquires 42,177 Shares of Salesforce, Inc. (NYSE:CRM)

Congress Wealth Management LLC DE increased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 655.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,608 shares of the CRM provider’s stock after purchasing an additional 42,177 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Salesforce were worth $14,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRM. Bear Mountain Capital Inc. purchased a new stake in Salesforce during the fourth quarter valued at $26,000. Signature Resources Capital Management LLC purchased a new stake in Salesforce during the fourth quarter valued at $26,000. Kathleen S. Wright Associates Inc. purchased a new stake in Salesforce during the fourth quarter valued at $31,000. Pacifica Partners Inc. increased its position in Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Finally, BKM Wealth Management LLC purchased a new stake in Salesforce during the fourth quarter valued at $34,000. 80.43% of the stock is owned by institutional investors.

Insider Activity

In related news, Director G Mason Morfit acquired 428,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was acquired at an average cost of $233.17 per share, with a total value of $99,796,760.00. Following the purchase, the director now directly owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Salesforce news, Director G Mason Morfit purchased 428,000 shares of Salesforce stock in a transaction dated Monday, June 3rd. The shares were purchased at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the acquisition, the director now owns 3,914,309 shares in the company, valued at approximately $912,699,429.53. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 5,864 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $274.77, for a total value of $1,611,251.28. Following the completion of the sale, the chief financial officer now owns 45,231 shares in the company, valued at $12,428,121.87. The disclosure for this sale can be found here. Insiders sold 509,952 shares of company stock valued at $139,786,753 in the last ninety days. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on CRM shares. Canaccord Genuity Group reduced their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Wells Fargo & Company reduced their price objective on Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. Evercore ISI reduced their price target on Salesforce from $330.00 to $300.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. Truist Financial restated a “buy” rating and issued a $300.00 price target (down previously from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. Finally, Piper Sandler reduced their price target on Salesforce from $300.00 to $250.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Salesforce Price Performance

Shares of Salesforce stock opened at $256.14 on Tuesday. The stock has a 50 day moving average of $259.79 and a 200 day moving average of $276.47. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The firm has a market cap of $248.20 billion, a PE ratio of 46.07, a PEG ratio of 2.26 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.15 earnings per share. On average, research analysts expect that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Tuesday, July 9th. Salesforce’s payout ratio is 7.19%.

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.