Strait & Sound Wealth Management LLC Sells 539 Shares of Salesforce, Inc. (NYSE:CRM)

Strait & Sound Wealth Management LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 15.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,060 shares of the CRM provider’s stock after selling 539 shares during the quarter. Strait & Sound Wealth Management LLC’s holdings in Salesforce were worth $838,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Infrastructure Capital Advisors LLC acquired a new position in shares of Salesforce during the third quarter valued at about $27,000. Clear Investment Research LLC lifted its position 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 acquiring an additional 98 shares during the period. Stephens Consulting LLC grew its holdings in shares of Salesforce by 3,125.0% during 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 bought a new stake in shares of Salesforce during the second quarter valued at approximately $33,000. Finally, Godsey & Gibb Inc. raised its stake in shares of Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 90 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The shares were 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 in the company, valued at $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the sale, the chief financial officer now directly owns 52,930 shares in the company, valued at approximately $15,100,399.70. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 140,982 shares of company stock worth $41,591,457. 3.20% of the stock is owned by company insiders.

Salesforce Stock Performance

CRM stock opened at $351.49 on Tuesday. The business’s fifty day moving average is $311.53 and its 200-day moving average is $273.32. The company has a market cap of $336.38 billion, a P/E ratio of 57.81, a price-to-earnings-growth ratio of 3.27 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. Salesforce’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the business posted $1.62 EPS. Equities research analysts forecast that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.46%. Salesforce’s dividend payout ratio is presently 26.32%.

Analysts Set New Price Targets

A number of research firms have weighed in on CRM. Phillip Securities reiterated an “accumulate” rating and set a $305.00 price target on shares of Salesforce in a research note on Friday, August 30th. Stifel Nicolaus lifted their target price on shares of Salesforce from $390.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Northland Securities reissued an “outperform” rating and issued a $440.00 price target (up previously from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. TD Cowen lifted their price objective on Salesforce from $290.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, November 21st. Finally, Truist Financial reissued a “buy” rating and issued a $400.00 target price (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $372.86.

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.