Prosperity Financial Group Inc. Acquires 46 Shares of Salesforce, Inc. (NYSE:CRM)

Prosperity Financial Group Inc. increased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 4.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,024 shares of the CRM provider’s stock after buying an additional 46 shares during the period. Prosperity Financial Group Inc.’s holdings in Salesforce were worth $280,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRM. Aviance Capital Partners LLC increased its position in Salesforce by 0.5% in the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock worth $1,860,000 after buying an additional 33 shares during the last quarter. Umpqua Bank raised its stake in Salesforce by 0.4% in the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock valued at $2,110,000 after acquiring an additional 34 shares during the period. Nvwm LLC lifted its holdings in Salesforce by 1.4% during the third quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after purchasing an additional 36 shares during the last quarter. Prentice Wealth Management LLC increased its stake in shares of Salesforce by 1.5% in the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after purchasing an additional 37 shares in the last quarter. Finally, Private Wealth Management Group LLC raised its position in shares of Salesforce by 11.6% in the third quarter. Private Wealth Management Group LLC now owns 357 shares of the CRM provider’s stock valued at $98,000 after purchasing an additional 37 shares during the period. 80.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRM has been the subject of a number of recent research reports. Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Erste Group Bank upgraded Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 target price on shares of Salesforce in a report on Thursday, September 19th. Bank of America raised their price objective on shares of Salesforce from $325.00 to $390.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley increased their target price on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $336.37.

Insider Transactions at Salesforce

In other Salesforce news, COO Brian Millham sold 14,808 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $338.95, for a total value of $5,019,171.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce 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 completion of the sale, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 147,991 shares of company stock worth $43,333,238 over the last quarter. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Up 1.9 %

Shares of NYSE:CRM opened at $342.02 on Monday. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $348.86. The stock has a market capitalization of $326.97 billion, a price-to-earnings ratio of 59.48, a PEG ratio of 3.10 and a beta of 1.29. The stock has a fifty day simple moving average of $294.61 and a two-hundred day simple moving average of $268.53. 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 issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.63 earnings per share. On average, research analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

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

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.