Salesforce, Inc. (NYSE:CRM) Shares Sold by Chaney Capital Management Inc.

Chaney Capital Management Inc. reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 23.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,389 shares of the CRM provider’s stock after selling 425 shares during the period. Salesforce comprises 0.2% of Chaney Capital Management Inc.’s holdings, making the stock its 24th largest position. Chaney Capital Management Inc.’s holdings in Salesforce were worth $464,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Veritas Asset Management LLP purchased a new position in Salesforce during the third quarter worth approximately $733,805,000. Jennison Associates LLC raised its position in Salesforce by 52.7% in the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock valued at $1,482,347,000 after purchasing an additional 1,530,572 shares during the period. Swedbank AB raised its position in Salesforce by 46.7% in the fourth quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock valued at $1,280,408,000 after purchasing an additional 1,219,254 shares during the period. KBC Group NV raised its position in Salesforce by 171.2% in the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after purchasing an additional 1,032,068 shares during the period. Finally, International Assets Investment Management LLC grew its stake in shares of Salesforce by 23,664.2% in the third quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock valued at $274,490,000 after buying an additional 998,628 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Salesforce news, Director G Mason Morfit sold 722,300 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the sale, the director now owns 3,192,009 shares in the company, valued at approximately $1,104,786,234.99. This represents a 18.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the sale, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,111,420 shares of company stock worth $384,366,700 in the last quarter. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRM. Guggenheim cut Salesforce from a “neutral” rating to a “sell” rating and set a $247.00 price objective for the company. in a research note on Monday, January 6th. Loop Capital lifted their price objective on Salesforce from $340.00 to $360.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Piper Sandler reissued an “overweight” rating and set a $405.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Wells Fargo & Company boosted their target price on Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $400.00 target price on shares of Salesforce in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $377.63.

Salesforce Stock Performance

NYSE CRM opened at $325.81 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 business’s 50 day moving average is $338.97 and its two-hundred day moving average is $300.36. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The stock has a market capitalization of $311.80 billion, a price-to-earnings ratio of 53.59, a PEG ratio of 2.66 and a beta of 1.31.

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

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Wednesday, December 18th. Salesforce’s dividend payout ratio is currently 26.32%.

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.