Consolidated Planning Corp Acquires 29,604 Shares of Salesforce, Inc. (NYSE:CRM)

Consolidated Planning Corp lifted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 294.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,665 shares of the CRM provider’s stock after purchasing an additional 29,604 shares during the quarter. Salesforce accounts for about 1.9% of Consolidated Planning Corp’s portfolio, making the stock its 9th biggest position. Consolidated Planning Corp’s holdings in Salesforce were worth $10,437,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CRM. Cerity Partners LLC grew its holdings in shares of Salesforce by 1,254.7% during the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after buying an additional 3,226,512 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Salesforce by 23,653.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,406,220 shares of the CRM provider’s stock worth $370,033,000 after buying an additional 1,400,300 shares in the last quarter. Lone Pine Capital LLC grew its holdings in shares of Salesforce by 47.5% during the third quarter. Lone Pine Capital LLC now owns 2,499,630 shares of the CRM provider’s stock worth $506,875,000 after buying an additional 804,634 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Salesforce by 330.0% during the third quarter. Assenagon Asset Management S.A. now owns 935,885 shares of the CRM provider’s stock worth $189,779,000 after buying an additional 718,245 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in shares of Salesforce during the third quarter worth about $114,521,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CRM. Wells Fargo & Company raised their price target on Salesforce from $280.00 to $290.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 21st. Royal Bank of Canada restated an “outperform” rating and issued a $350.00 price target (up from $325.00) on shares of Salesforce in a research note on Friday, April 12th. Piper Sandler reiterated a “neutral” rating and set a $300.00 target price on shares of Salesforce in a research note on Monday, April 15th. Robert W. Baird lifted their target price on Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Finally, Oppenheimer lifted their price target on Salesforce from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Monday, February 12th. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $310.61.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total value of $662,388.75. Following the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Srinivas Tallapragada sold 10,000 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $283.12, for a total value of $2,831,200.00. Following the completion of the sale, the insider now directly owns 60,416 shares of the company’s stock, valued at $17,104,977.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The disclosure for this sale can be found here. Insiders have sold 620,793 shares of company stock valued at $182,177,918 in the last ninety days. 3.70% of the stock is owned by company insiders.

Salesforce Trading Up 0.4 %

Shares of NYSE CRM traded up $1.15 during trading on Friday, reaching $274.29. The company had a trading volume of 3,754,585 shares, compared to its average volume of 5,162,527. The company’s fifty day moving average price is $295.97 and its 200-day moving average price is $263.90. Salesforce, Inc. has a 12 month low of $190.76 and a 12 month high of $318.71. The stock has a market cap of $266.06 billion, a P/E ratio of 65.31, a PEG ratio of 2.10 and a beta of 1.28. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

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

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were given a $0.40 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.58%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

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.