Granite Bay Wealth Management LLC Takes $8.04 Million Position in Salesforce, Inc. (NYSE:CRM)

Granite Bay Wealth Management LLC acquired a new stake in Salesforce, Inc. (NYSE:CRM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 30,051 shares of the CRM provider’s stock, valued at approximately $8,041,000. Salesforce makes up about 0.3% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 24th largest holding.

Other hedge funds have also modified their holdings of the company. Fox Hill Wealth Management raised its holdings in Salesforce by 4.0% in the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after acquiring an additional 38 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its holdings in Salesforce by 0.8% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after acquiring an additional 38 shares during the last quarter. Blue Barn Wealth LLC raised its holdings in Salesforce by 1.8% in the 1st quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock valued at $665,000 after acquiring an additional 39 shares during the last quarter. Catalyst Financial Partners LLC raised its holdings in Salesforce by 0.8% in the 2nd quarter. Catalyst Financial Partners LLC now owns 4,876 shares of the CRM provider’s stock valued at $1,254,000 after acquiring an additional 39 shares during the last quarter. Finally, DSC Advisors L.P. raised its holdings in Salesforce by 3.1% in the 2nd quarter. DSC Advisors L.P. now owns 1,302 shares of the CRM provider’s stock valued at $335,000 after acquiring an additional 39 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price target on Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. DA Davidson boosted their price objective on shares of Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. JMP Securities reissued a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a research note on Wednesday, August 28th. Needham & Company LLC reissued a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research note on Friday, September 20th. Finally, Phillip Securities reaffirmed an “accumulate” rating and set a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $308.03.

Insider Activity

In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $254.90, for a total value of $1,070,580.00. Following the completion of the transaction, the insider now directly owns 116,693 shares in the company, valued at $29,745,045.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $254.90, for a total value of $1,070,580.00. Following the completion of the transaction, the insider now directly owns 116,693 shares in the company, valued at $29,745,045.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The disclosure for this sale can be found here. Insiders sold 67,985 shares of company stock worth $17,632,363 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE CRM opened at $273.68 on Tuesday. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week 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 stock has a market cap 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 company has a 50-day moving average price of $256.65 and a two-hundred day moving average price of $264.81.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the prior year, the firm earned $1.63 EPS. Salesforce’s quarterly revenue was up 8.5% on a year-over-year basis. Analysts forecast that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Announces Dividend

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