Cyndeo Wealth Partners LLC Sells 3,130 Shares of Salesforce, Inc. (NYSE:CRM)

Cyndeo Wealth Partners LLC decreased its position in Salesforce, Inc. (NYSE:CRM) by 15.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,275 shares of the CRM provider’s stock after selling 3,130 shares during the period. Cyndeo Wealth Partners LLC’s holdings in Salesforce were worth $4,636,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CRM. Norges Bank bought a new position in Salesforce in the 4th quarter worth about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Salesforce by 926.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock worth $1,422,979,000 after purchasing an additional 3,841,521 shares in the last quarter. GAMMA Investing LLC boosted its stake in Salesforce by 30,456.9% in the 1st quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider’s stock worth $1,020,194,000 after purchasing an additional 3,789,147 shares in the last quarter. Raymond James Financial Inc. bought a new position in Salesforce in the 4th quarter worth about $1,173,564,000. Finally, Invesco Ltd. boosted its stake in Salesforce by 42.5% in the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock worth $2,604,770,000 after purchasing an additional 2,325,156 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CRM shares. Canaccord Genuity Group dropped their price target on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, May 28th. Bank of America lowered their target price on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Piper Sandler upped their target price on shares of Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research note on Wednesday, May 28th. Cantor Fitzgerald initiated coverage on shares of Salesforce in a research note on Tuesday, June 3rd. They set an “overweight” rating and a $325.00 target price on the stock. Finally, Guggenheim upgraded shares of Salesforce from a “sell” rating to a “neutral” rating in a research note on Monday, April 21st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $346.34.

Salesforce Price Performance

NYSE CRM opened at $258.25 on Monday. Salesforce, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00. The stock has a market cap of $246.89 billion, a price-to-earnings ratio of 42.48, a PEG ratio of 2.58 and a beta of 1.38. The company’s 50 day moving average is $268.09 and its two-hundred day moving average is $299.72. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company had revenue of $9.83 billion for the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter last year, the business earned $2.44 EPS. The firm’s revenue was up 7.6% compared to the same quarter last year. As a group, research analysts anticipate that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be paid a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce’s payout ratio is 25.98%.

Insiders Place Their Bets

In other news, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the sale, the insider now owns 41,422 shares in the company, valued at $12,219,490. This trade represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now owns 9,323 shares in the company, valued at approximately $2,605,219.12. The trade was a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,111 shares of company stock worth $9,299,283. Company insiders own 3.20% of the company’s stock.

About Salesforce

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.