Summit Asset Management LLC Takes $221,000 Position in Salesforce, Inc. (NYSE:CRM)

Summit Asset Management LLC bought a new position in shares of Salesforce, Inc. (NYSE:CRM) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 806 shares of the CRM provider’s stock, valued at approximately $221,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CRM. Piscataqua Savings Bank grew its position in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares in the last quarter. Clear Investment Research LLC boosted its holdings in shares of Salesforce by 816.7% in 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 in the last quarter. Stephens Consulting LLC boosted its holdings in shares of Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Salesforce in the 2nd quarter worth about $33,000. Finally, Godsey & Gibb Inc. boosted its holdings in shares of Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Price Performance

Shares of Salesforce stock opened at $341.72 on Thursday. Salesforce, Inc. has a one year low of $212.00 and a one year high of $348.86. The stock’s fifty day moving average is $281.40 and its 200 day moving average is $265.31. The stock has a market cap of $326.68 billion, a P/E ratio of 59.43, a P/E/G ratio of 3.09 and a beta of 1.29. 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 (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion for 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%. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the firm earned $1.63 EPS. Sell-side analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.47%. Salesforce’s payout ratio is 27.83%.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of research reports. Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $270.00 to $400.00 in a report on Wednesday, October 2nd. Sanford C. Bernstein upped their price objective on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Evercore ISI reissued an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a research note on Monday, August 26th. 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 note on Thursday, September 19th. Finally, TD Cowen boosted their target price on Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average price target of $318.23.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. The trade was 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 this hyperlink. In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $262.97, for a total value of $1,104,474.00. Following the transaction, the insider now directly owns 117,581 shares in the company, valued at approximately $30,920,275.57. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 144,373 shares of company stock worth $41,250,680 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

About Salesforce

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.