Teamwork Financial Advisors LLC Cuts Position in Salesforce, Inc. (NYSE:CRM)

Teamwork Financial Advisors LLC lessened its holdings in Salesforce, Inc. (NYSE:CRM) by 37.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,594 shares of the CRM provider’s stock after selling 2,802 shares during the quarter. Teamwork Financial Advisors LLC’s holdings in Salesforce were worth $1,209,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRM. Norges Bank purchased a new stake in Salesforce in the fourth quarter worth about $1,420,381,000. Moneta Group Investment Advisors LLC grew its holdings in shares of Salesforce by 125,717.4% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock valued at $1,360,428,000 after buying an additional 10,252,257 shares during the last quarter. Starboard Value LP purchased a new stake in shares of Salesforce during the fourth quarter valued at approximately $401,215,000. Barclays PLC grew its holdings in shares of Salesforce by 99.7% during the second quarter. Barclays PLC now owns 3,196,861 shares of the CRM provider’s stock valued at $675,370,000 after buying an additional 1,595,733 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in shares of Salesforce by 11.5% during the second quarter. Nuveen Asset Management LLC now owns 9,925,118 shares of the CRM provider’s stock valued at $2,096,780,000 after buying an additional 1,026,380 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 Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Friday, March 1st. The stock was sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the sale, the chief executive officer now owns 13,311,166 shares of the company’s stock, valued at approximately $4,200,205,319.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Srinivas Tallapragada sold 2,890 shares of Salesforce stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $309.32, for a total transaction of $893,934.80. Following the transaction, the insider now owns 60,416 shares in the company, valued at $18,687,877.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Friday, March 1st. The shares were sold at an average price of $315.54, for a total value of $4,733,100.00. Following the transaction, the chief executive officer now owns 13,311,166 shares in the company, valued at approximately $4,200,205,319.64. The disclosure for this sale can be found here. Insiders have sold a total of 901,258 shares of company stock valued at $256,569,563 in the last quarter. Insiders own 3.70% of the company’s stock.

Salesforce Stock Down 0.1 %

CRM stock traded down $0.20 during mid-day trading on Friday, reaching $301.18. The company had a trading volume of 4,892,275 shares, compared to its average volume of 6,832,268. The company has a market capitalization of $292.14 billion, a price-to-earnings ratio of 71.71, a price-to-earnings-growth ratio of 2.32 and a beta of 1.28. Salesforce, Inc. has a fifty-two week low of $187.31 and a fifty-two week high of $318.71. The firm has a fifty day simple moving average of $294.72 and a 200 day simple moving average of $252.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 earnings per share. Analysts forecast that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Wednesday, March 13th. Salesforce’s dividend payout ratio is presently 9.52%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CRM shares. Mizuho reiterated a “buy” rating and set a $345.00 price target (up previously from $325.00) on shares of Salesforce in a report on Thursday, February 29th. JMP Securities increased their price target on shares of Salesforce from $293.00 to $342.00 and gave the company a “market outperform” rating in a report on Thursday, February 29th. Piper Sandler restated a “neutral” rating and set a $285.00 price objective on shares of Salesforce in a research report on Wednesday, February 28th. Oppenheimer raised their price objective on shares of Salesforce from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Monday, February 12th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $350.00 target price on shares of Salesforce in a research note on Thursday, March 7th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $304.32.

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.