Mackenzie Financial Corp Reduces Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Mackenzie Financial Corp decreased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 230,271 shares of the CRM provider’s stock after selling 1,150 shares during the period. Mackenzie Financial Corp’s holdings in Salesforce were worth $59,203,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CRM. Spartan Planning & Wealth Management grew its stake in Salesforce by 66.3% in the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after purchasing an additional 625 shares during the period. Chicago Partners Investment Group LLC increased its stake in shares of Salesforce by 1.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock worth $1,983,000 after acquiring an additional 95 shares in the last quarter. XN LP lifted its position in Salesforce by 24.2% during the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after acquiring an additional 90,616 shares during the period. M&G Plc purchased a new stake in Salesforce in the first quarter worth about $2,178,000. Finally, First Foundation Advisors increased its stake in shares of Salesforce by 38.0% during the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock valued at $249,000 after purchasing an additional 228 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the transaction, the chief financial officer now directly owns 51,109 shares in the company, valued at $13,072,660.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares in the company, valued at approximately $13,072,660.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $252.75, for a total transaction of $1,061,550.00. Following the sale, the insider now owns 116,693 shares in the company, valued at $29,494,155.75. The disclosure for this sale can be found here. Insiders sold a total of 72,185 shares of company stock worth $18,708,571 in the last 90 days. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRM. Piper Sandler upgraded Salesforce from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $268.00 to $325.00 in a research note on Tuesday. Macquarie decreased their target price on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a report on Friday, May 31st. Oppenheimer raised their price target on shares of Salesforce from $280.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. TD Cowen lifted their target price on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Finally, UBS Group upped their price target on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $308.03.

Salesforce Stock Up 0.3 %

Shares of NYSE:CRM opened at $276.51 on Friday. The firm has a 50 day simple moving average of $256.26 and a 200-day simple moving average of $265.59. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $267.94 billion, a PE ratio of 49.73, a P/E/G ratio of 2.39 and a beta of 1.29.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The firm had revenue of $9.33 billion during 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 business’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.63 EPS. On average, equities analysts predict that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be given a $0.40 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.58%. Salesforce’s dividend payout ratio (DPR) is 28.78%.

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.