New Wave Wealth Advisors LLC Takes Position in Salesforce, Inc. (NYSE:CRM)

New Wave Wealth Advisors LLC acquired a new position in shares of Salesforce, Inc. (NYSE:CRM) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,308 shares of the CRM provider’s stock, valued at approximately $336,000.

A number of other institutional investors have also modified their holdings of the company. Ruedi Wealth Management Inc. grew its stake in Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares during the period. Piscataqua Savings Bank lifted its holdings in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the last quarter. Clear Investment Research LLC grew its holdings in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the period. Red Tortoise LLC purchased a new position in Salesforce during the first quarter worth about $33,000. Finally, Stephens Consulting LLC boosted its position in shares of Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the company’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 completion of the sale, the insider now directly owns 116,693 shares in the company, valued at approximately $29,494,155.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now owns 116,693 shares in the company, valued at approximately $29,494,155.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the completion of the transaction, the director now owns 1,363 shares in the company, valued at approximately $376,624.16. The disclosure for this sale can be found here. Insiders have sold a total of 67,985 shares of company stock worth $17,632,363 in the last quarter. 3.20% of the stock is owned by insiders.

Salesforce Price Performance

CRM stock opened at $273.68 on Tuesday. The stock has a market capitalization of $265.20 billion, a price-to-earnings ratio of 49.22, a price-to-earnings-growth ratio of 2.39 and a beta of 1.29. The stock’s fifty day simple moving average is $256.65 and its 200-day simple moving average is $264.81. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. 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 posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. The company 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 firm’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.63 EPS. Equities research analysts expect that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio is currently 28.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. 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. JPMorgan Chase & Co. lifted their price target on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Truist Financial reaffirmed a “buy” rating and set a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Morgan Stanley boosted their target price on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Finally, Bank of America reaffirmed a “buy” rating and set a $325.00 price target on shares of Salesforce in a research report on Friday, September 6th. Eight research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $308.03.

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.