Legacy Financial Advisors Inc. Cuts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Legacy Financial Advisors Inc. decreased its holdings in Salesforce, Inc. (NYSE:CRM) by 2.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,716 shares of the CRM provider’s stock after selling 114 shares during the period. Legacy Financial Advisors Inc.’s holdings in Salesforce were worth $1,470,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CRM. Ruedi Wealth Management Inc. lifted its position in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the last quarter. Piscataqua Savings Bank grew its stake in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares during the last quarter. Red Tortoise LLC acquired a new stake in Salesforce in the first quarter worth about $33,000. Clear Investment Research LLC raised its holdings in shares of Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the last quarter. Finally, Stephens Consulting LLC lifted its stake 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 hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research reports. Macquarie lowered their price target on Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a research report on Friday, May 31st. Needham & Company LLC reiterated a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a research report on Friday. Canaccord Genuity Group raised their target price on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Piper Sandler upped their price target on Salesforce from $250.00 to $268.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Raymond James boosted their price objective on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $306.00.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total transaction of $1,079,568.00. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at $30,223,020.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total value of $1,079,568.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,223,020.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 66,576 shares of company stock valued at $16,957,573. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE:CRM opened at $266.57 on Friday. 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 $258.31 billion, a price-to-earnings ratio of 47.94, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. The company’s 50-day moving average is $254.14 and its two-hundred day moving average is $266.67. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

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, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the business earned $1.63 earnings per share. Salesforce’s revenue was up 8.5% compared to the same quarter last year. Research analysts expect that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.60%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 28.78%.

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.