Elmwood Wealth Management Inc. Sells 319 Shares of Salesforce, Inc. (NYSE:CRM)

Elmwood Wealth Management Inc. lowered its position in Salesforce, Inc. (NYSE:CRM) by 4.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,623 shares of the CRM provider’s stock after selling 319 shares during the period. Elmwood Wealth Management Inc.’s holdings in Salesforce were worth $1,813,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CRM. Capital Research Global Investors increased its stake in Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after purchasing an additional 3,044,611 shares in the last quarter. GQG Partners LLC acquired a new position in Salesforce in the 1st quarter worth $910,220,000. Swedbank AB bought a new position in Salesforce during the 1st quarter worth about $874,748,000. Massachusetts Financial Services Co. MA raised its stake in shares of Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares during the period. Finally, AMF Tjanstepension AB boosted its position in shares of Salesforce by 376.1% during the second quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock worth $370,873,000 after buying an additional 1,139,472 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CRM. Truist Financial reissued a “buy” rating and issued a $315.00 target price (up previously from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Stifel Nicolaus increased their price target on Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Oppenheimer upped their price target on shares of Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Morgan Stanley lifted their price objective on shares of Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Finally, Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $310.74.

Salesforce Price Performance

Shares of NYSE CRM traded up $1.79 during trading hours on Monday, hitting $289.89. 911,290 shares of the stock were exchanged, compared to its average volume of 6,463,084. The company’s fifty day simple moving average is $261.93 and its two-hundred day simple moving average is $263.61. The company has a market cap of $280.90 billion, a PE ratio of 51.95, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the company posted $1.63 EPS. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, sell-side analysts predict that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the sale, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Sundeep G. Reddy sold 413 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 $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction 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 sale, the insider now owns 116,693 shares of the company’s stock, valued at $29,745,045.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,612 shares of company stock worth $21,283,087 in the last 90 days. Insiders own 3.20% of the company’s stock.

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.