Petredis Investment Advisors LLC Has $6.58 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Petredis Investment Advisors LLC lowered its position in Salesforce, Inc. (NYSE:CRM) by 1.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,667 shares of the CRM provider’s stock after selling 362 shares during the period. Petredis Investment Advisors LLC’s holdings in Salesforce were worth $6,575,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp raised its holdings in shares of Salesforce by 1.8% in the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after purchasing an additional 864,193 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Salesforce by 1.3% in the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after purchasing an additional 257,501 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Salesforce by 2.6% in the third quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock valued at $3,360,215,000 after purchasing an additional 314,530 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Salesforce by 2.2% in the second quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock valued at $2,141,562,000 after purchasing an additional 176,641 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Salesforce by 1.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock valued at $1,632,599,000 after purchasing an additional 57,825 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $298.04, for a total transaction of $1,251,768.00. Following the sale, the insider now owns 119,402 shares in the company, valued at approximately $35,586,572.08. The trade was a 3.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Brian Millham sold 708 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $235,254.24. Following the sale, the chief operating officer now owns 1,239 shares in the company, valued at approximately $411,694.92. This trade represents a 36.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,173,891 shares of company stock valued at $402,840,388. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on CRM. Robert W. Baird increased their target price on shares of Salesforce from $340.00 to $430.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and set a $405.00 price objective on shares of Salesforce in a report on Wednesday, December 18th. Guggenheim downgraded shares of Salesforce from a “neutral” rating to a “sell” rating and set a $247.00 price objective for the company. in a report on Monday, January 6th. Citigroup raised their price objective on shares of Salesforce from $368.00 to $390.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group raised their price objective on shares of Salesforce from $315.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $377.63.

Salesforce Trading Down 0.4 %

Shares of CRM opened at $333.47 on Friday. The firm’s 50 day simple moving average is $336.56 and its 200 day simple moving average is $293.49. The company has a market capitalization of $319.13 billion, a P/E ratio of 54.85, a P/E/G ratio of 3.01 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick 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 announced its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.62 earnings per share. Sell-side analysts forecast that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Announces Dividend

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

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.