Connecticut Wealth Management LLC Acquires 1,644 Shares of Salesforce, Inc. (NYSE:CRM)

Connecticut Wealth Management LLC grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 83.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 3,615 shares of the CRM provider’s stock after purchasing an additional 1,644 shares during the period. Connecticut Wealth Management LLC’s holdings in Salesforce were worth $1,209,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Tallon Kerry Patrick acquired a new stake in shares of Salesforce in the fourth quarter valued at about $236,000. Pure Financial Advisors LLC boosted its holdings in Salesforce by 50.4% in the fourth quarter. Pure Financial Advisors LLC now owns 1,369 shares of the CRM provider’s stock valued at $458,000 after acquiring an additional 459 shares during the last quarter. ZWJ Investment Counsel Inc. increased its position in Salesforce by 7.5% during the 4th quarter. ZWJ Investment Counsel Inc. now owns 1,036 shares of the CRM provider’s stock valued at $346,000 after purchasing an additional 72 shares during the period. Perpetual Ltd raised its holdings in Salesforce by 14.3% during the 4th quarter. Perpetual Ltd now owns 7,925 shares of the CRM provider’s stock worth $2,650,000 after purchasing an additional 990 shares during the last quarter. Finally, Roberts Wealth Advisors LLC lifted its position in shares of Salesforce by 0.7% in the 4th quarter. Roberts Wealth Advisors LLC now owns 11,079 shares of the CRM provider’s stock worth $3,558,000 after purchasing an additional 75 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Trading Down 2.0%

Shares of CRM stock opened at $282.35 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $271.45 billion, a price-to-earnings ratio of 46.44, a PEG ratio of 2.58 and a beta of 1.42. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a 50-day simple moving average of $268.53 and a two-hundred day simple moving average of $306.85.

Salesforce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Thursday, April 10th. This is an increase from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is presently 26.10%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CRM shares. Stephens began coverage on shares of Salesforce in a research report on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price objective for the company. UBS Group cut their price target on shares of Salesforce from $340.00 to $320.00 and set a “neutral” rating on the stock in a research report on Wednesday. DA Davidson reissued an “underperform” rating and issued a $200.00 price objective on shares of Salesforce in a research report on Monday, April 21st. Scotiabank cut their target price on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. Finally, Piper Sandler lowered their target price on Salesforce from $400.00 to $315.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and five have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $351.59.

Insider Activity

In other news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at $14,071,750. The trade was a 11.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Miguel Milano sold 458 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $307.97, for a total transaction of $141,050.26. Following the transaction, the insider now owns 5,864 shares of the company’s stock, valued at approximately $1,805,936.08. The trade was a 7.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,306 shares of company stock valued at $12,841,368 over the last three months. Corporate insiders own 3.20% of the company’s stock.

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.