Summit Trail Advisors LLC Reduces Stake in Salesforce, Inc. (NYSE:CRM)

Summit Trail Advisors LLC lowered its holdings in Salesforce, Inc. (NYSE:CRM) by 28.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 20,095 shares of the CRM provider’s stock after selling 7,951 shares during the quarter. Summit Trail Advisors LLC’s holdings in Salesforce were worth $5,288,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cerity Partners LLC raised its stake in shares of Salesforce by 1,254.7% in the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after purchasing an additional 3,226,512 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Salesforce by 23,653.7% in 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 acquiring an additional 1,400,300 shares during the period. Lone Pine Capital LLC boosted its stake in shares of Salesforce by 47.5% in the third quarter. Lone Pine Capital LLC now owns 2,499,630 shares of the CRM provider’s stock worth $506,875,000 after acquiring an additional 804,634 shares during the period. Fisher Asset Management LLC raised its position in Salesforce by 5.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after purchasing an additional 752,566 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in Salesforce by 330.0% in the third quarter. Assenagon Asset Management S.A. now owns 935,885 shares of the CRM provider’s stock worth $189,779,000 after purchasing an additional 718,245 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $269.53, for a total value of $4,042,950.00. Following the completion of the transaction, the chief executive officer now owns 12,707,327 shares of the company’s stock, valued at $3,425,005,846.31. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $270.93, for a total transaction of $1,137,906.00. Following the transaction, the insider now directly owns 115,762 shares of the company’s stock, valued at approximately $31,363,398.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $269.53, for a total value of $4,042,950.00. Following the transaction, the chief executive officer now owns 12,707,327 shares of the company’s stock, valued at $3,425,005,846.31. The disclosure for this sale can be found here. Over the last quarter, insiders sold 619,993 shares of company stock worth $181,241,324. Insiders own 3.70% of the company’s stock.

Salesforce Trading Up 0.8 %

Shares of NYSE:CRM traded up $2.23 during mid-day trading on Tuesday, reaching $277.86. 842,874 shares of the company were exchanged, compared to its average volume of 5,496,090. The firm has a market cap of $268.97 billion, a price-to-earnings ratio of 65.63, a P/E/G ratio of 2.10 and a beta of 1.30. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm’s 50-day simple moving average is $293.74 and its 200 day simple moving average is $267.47.

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

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date of this dividend was Wednesday, March 13th. Salesforce’s payout ratio is currently 9.52%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Truist Financial reiterated a “buy” rating and issued a $360.00 price objective (up from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Citigroup upped their price objective on shares of Salesforce from $265.00 to $325.00 and gave the company a “neutral” rating in a research note on Monday, February 26th. Mizuho reissued a “buy” rating and set a $345.00 price target (up from $325.00) on shares of Salesforce in a report on Thursday, February 29th. Wolfe Research reissued an “outperform” rating and set a $365.00 price target on shares of Salesforce in a report on Tuesday, April 16th. Finally, UBS Group increased their price target on shares of Salesforce from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Nine 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 stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus target price of $310.61.

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.