Cornerstone Wealth Management LLC Sells 437 Shares of Salesforce, Inc. (NYSE:CRM)

Cornerstone Wealth Management LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 10.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,841 shares of the CRM provider’s stock after selling 437 shares during the period. Cornerstone Wealth Management LLC’s holdings in Salesforce were worth $1,284,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Veritas Asset Management LLP acquired a new position in shares of Salesforce during the 3rd quarter worth approximately $733,805,000. KBC Group NV increased its holdings in shares of Salesforce by 171.2% during the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after acquiring an additional 1,032,068 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Salesforce by 23,664.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock worth $274,490,000 after acquiring an additional 998,628 shares during the last quarter. State Street Corp increased its holdings in shares of Salesforce by 1.8% during the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after acquiring an additional 864,193 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Salesforce by 95.7% during the 3rd quarter. Van ECK Associates Corp now owns 1,624,520 shares of the CRM provider’s stock worth $462,063,000 after acquiring an additional 794,506 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $290.23, for a total value of $145,115.00. Following the completion of the sale, the chief accounting officer now owns 6,506 shares of the company’s stock, valued at approximately $1,888,236.38. This trade represents a 7.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Brian Millham sold 708 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $235,254.24. Following the completion of the sale, the chief operating officer now directly owns 1,239 shares of the company’s stock, valued at $411,694.92. This trade represents a 36.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,173,891 shares of company stock valued at $402,840,388 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Salesforce stock opened at $333.47 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $319.13 billion, a PE ratio of 54.85, a P/E/G ratio of 3.01 and a beta of 1.30. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The stock has a 50-day moving average price of $336.56 and a two-hundred day moving average price of $293.49.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter last year, the business earned $1.62 earnings per share. Salesforce’s revenue was up 8.3% compared to the same quarter last year. Analysts expect that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.48%. Salesforce’s dividend payout ratio is currently 26.32%.

Wall Street Analyst Weigh In

CRM has been the topic of a number of recent analyst reports. KeyCorp raised Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a report on Friday, December 13th. Canaccord Genuity Group upped their price objective on Salesforce from $315.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $405.00 price objective on shares of Salesforce in a report on Wednesday, December 18th. The Goldman Sachs Group upped their price objective on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Jefferies Financial Group upped their price objective on Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $377.63.

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.