Sculati Wealth Management LLC Has $3.39 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

Sculati Wealth Management LLC decreased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,143 shares of the CRM provider’s stock after selling 75 shares during the period. Salesforce comprises about 1.3% of Sculati Wealth Management LLC’s holdings, making the stock its 18th largest position. Sculati Wealth Management LLC’s holdings in Salesforce were worth $3,391,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CRM. Tallon Kerry Patrick purchased a new position in shares of Salesforce during the fourth quarter valued at approximately $236,000. Brighton Jones LLC boosted its holdings in Salesforce by 13.7% during the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock worth $8,582,000 after purchasing an additional 3,102 shares during the last quarter. DGS Capital Management LLC purchased a new position in Salesforce during the fourth quarter worth about $285,000. GSB Wealth Management LLC purchased a new position in Salesforce during the fourth quarter worth about $242,000. Finally, CFS Investment Advisory Services LLC purchased a new position in Salesforce during the fourth quarter worth about $203,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insiders Place Their Bets

In other Salesforce news, insider Miguel Milano sold 705 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the sale, the insider now directly owns 9,323 shares in the company, valued at $2,605,219.12. This represents a 7.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robin L. Washington purchased 1,695 shares of the stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the acquisition, the director now owns 43,445 shares in the company, valued at approximately $12,799,331.45. This represents a 4.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 46,553 shares of company stock worth $12,897,323 in the last three months. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CRM has been the topic of several analyst reports. Stephens initiated coverage on shares of Salesforce in a report on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price target on the stock. Morgan Stanley cut their price objective on Salesforce from $405.00 to $393.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird cut their price objective on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group cut their price objective on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Finally, Macquarie reiterated a “neutral” rating and issued a $320.00 target price on shares of Salesforce in a research note on Thursday, March 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $351.59.

Salesforce Stock Performance

Shares of CRM opened at $273.05 on Monday. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. 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 stock has a market capitalization of $262.51 billion, a price-to-earnings ratio of 44.91, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. The stock’s 50-day simple moving average is $268.46 and its 200 day simple moving average is $306.55.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were paid a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This is a boost from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.62%. Salesforce’s dividend payout ratio is currently 26.10%.

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.