Novare Capital Management LLC Decreases Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Novare Capital Management LLC lessened its stake in Salesforce, Inc. (NYSE:CRM) by 1.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 33,279 shares of the CRM provider’s stock after selling 321 shares during the quarter. Novare Capital Management LLC’s holdings in Salesforce were worth $11,126,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Deerfield Management Company L.P. Series C acquired a new position in shares of Salesforce during the 2nd quarter valued at about $409,000. Vulcan Value Partners LLC boosted its holdings in Salesforce by 76.1% in the 2nd quarter. Vulcan Value Partners LLC now owns 1,476,111 shares of the CRM provider’s stock valued at $379,469,000 after purchasing an additional 637,710 shares during the last quarter. Ascent Group LLC grew its stake in shares of Salesforce by 15.2% in the 2nd quarter. Ascent Group LLC now owns 19,556 shares of the CRM provider’s stock valued at $5,028,000 after buying an additional 2,581 shares during the period. Aviso Wealth Management increased its holdings in shares of Salesforce by 10.9% during the 2nd quarter. Aviso Wealth Management now owns 3,075 shares of the CRM provider’s stock worth $791,000 after buying an additional 302 shares during the last quarter. Finally, Doheny Asset Management CA purchased a new stake in shares of Salesforce during the 2nd quarter valued at approximately $1,799,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Needham & Company LLC boosted their price target on shares of Salesforce from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Cfra set a $343.00 price objective on shares of Salesforce in a research report on Thursday, October 17th. Barclays upped their target price on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $405.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $377.63.

Salesforce Price Performance

CRM stock opened at $333.47 on Friday. The stock’s 50 day moving average price is $336.73 and its 200 day moving average price is $294.01. The firm has a market cap of $319.13 billion, a P/E ratio of 54.85, a PEG ratio of 3.01 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same period in the previous year, the business earned $1.62 EPS. The firm’s revenue was up 8.3% on a year-over-year basis. On average, sell-side analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.48%. Salesforce’s payout ratio is currently 26.32%.

Insiders Place Their Bets

In other Salesforce news, COO Brian Millham sold 708 shares of the business’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $235,254.24. Following the transaction, the chief operating officer now owns 1,239 shares in the company, valued at $411,694.92. The trade was a 36.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total value of $2,133,803.00. Following the transaction, the chief financial officer now directly owns 53,861 shares in the company, valued at $18,474,323. This trade represents a 10.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,173,891 shares of company stock valued at $402,840,388. Insiders own 3.20% of the company’s stock.

Salesforce Company 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.