Cornerstone Wealth Management LLC Sells 58 Shares of Salesforce, Inc. (NYSE:CRM)

Cornerstone Wealth Management LLC reduced its holdings in Salesforce, Inc. (NYSE:CRMFree Report) by 1.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,713 shares of the CRM provider’s stock after selling 58 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Salesforce were worth $1,240,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Union Savings Bank purchased a new position in shares of Salesforce during the second quarter valued at approximately $27,000. Pacifica Partners Inc. boosted its position in shares of Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. Peoples Bank KS purchased a new position in Salesforce in the third quarter worth $39,000. Quarry LP bought a new position in Salesforce in the 2nd quarter valued at $41,000. Finally, Emerald Advisers LLC purchased a new stake in shares of Salesforce during the 3rd quarter valued at $41,000. 77.52% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

Shares of CRM stock opened at $296.80 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. Salesforce, Inc. has a fifty-two week low of $182.65 and a fifty-two week high of $318.71. The stock has a 50 day moving average price of $288.29 and a two-hundred day moving average price of $247.64. The company has a market capitalization of $287.90 billion, a P/E ratio of 70.08, a PEG ratio of 2.34 and a beta of 1.28.

Salesforce (NYSE:CRMGet Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The business’s revenue was up 10.8% on a year-over-year basis. Analysts expect that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. Salesforce’s dividend payout ratio is presently 9.52%.

Analyst Upgrades and Downgrades

CRM has been the subject of several research reports. Robert W. Baird increased their price target on shares of Salesforce from $310.00 to $355.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Canaccord Genuity Group reiterated a “buy” rating and issued a $350.00 price objective on shares of Salesforce in a research note on Thursday, March 7th. StockNews.com raised Salesforce from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 1st. Truist Financial reaffirmed a “buy” rating and set a $360.00 price target (up previously from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. Finally, Royal Bank of Canada boosted their price objective on Salesforce from $285.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Eight investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $304.32.

Read Our Latest Research Report on Salesforce

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $251.61, for a total transaction of $3,774,150.00. Following the completion of the transaction, the chief executive officer now owns 13,896,166 shares in the company, valued at $3,496,414,327.26. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $251.61, for a total value of $3,774,150.00. Following the completion of the transaction, the chief executive officer now owns 13,896,166 shares in the company, valued at $3,496,414,327.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 2,474 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $295.59, for a total value of $731,289.66. Following the completion of the transaction, the insider now owns 60,416 shares of the company’s stock, valued at approximately $17,858,365.44. The disclosure for this sale can be found here. Insiders sold a total of 1,134,112 shares of company stock worth $314,301,292 over the last quarter. 3.70% of the stock is owned by corporate insiders.

Salesforce Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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