MFG Wealth Management Inc. Buys Shares of 6,307 Salesforce, Inc. (NYSE:CRM)

MFG Wealth Management Inc. purchased a new position in shares of Salesforce, Inc. (NYSE:CRM) in the 4th quarter, Holdings Channel.com reports. The firm purchased 6,307 shares of the CRM provider’s stock, valued at approximately $2,109,000. Salesforce accounts for about 1.9% of MFG Wealth Management Inc.’s holdings, making the stock its 26th biggest position.

Other hedge funds have also recently modified their holdings of the company. Infrastructure Capital Advisors LLC purchased a new position in Salesforce during the 3rd quarter worth $27,000. Arlington Trust Co LLC boosted its holdings in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after acquiring an additional 40 shares in the last quarter. Compass Financial Services Inc acquired a new position in shares of Salesforce during the fourth quarter worth about $30,000. Collier Financial acquired a new stake in Salesforce in the fourth quarter valued at about $32,000. Finally, Godsey & Gibb Inc. boosted its holdings in Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 90 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRM has been the subject of several research analyst reports. Robert W. Baird increased their price objective on Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Truist Financial reiterated a “buy” rating and issued a $400.00 price target (up previously from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and set a $450.00 price objective on shares of Salesforce in a report on Wednesday, December 18th. Wedbush reaffirmed an “outperform” rating and issued a $425.00 target price on shares of Salesforce in a report on Wednesday, December 18th. Finally, BMO Capital Markets lifted their price target on shares of Salesforce from $385.00 to $425.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $377.63.

Salesforce Trading Up 0.6 %

CRM stock opened at $326.26 on Thursday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The company has a market cap of $312.23 billion, a price-to-earnings ratio of 53.66, a PEG ratio of 2.66 and a beta of 1.31. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $338.74 and a 200-day simple moving average of $301.96.

Salesforce (NYSE:CRM) last issued its earnings results 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 firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter in the previous year, the firm posted $1.62 EPS. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, equities research analysts expect that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Dividend Announcement

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

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of the business’s 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 transaction, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. The trade was a 5.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Brian Millham sold 14,808 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $338.95, for a total value of $5,019,171.60. The disclosure for this sale can be found here. Insiders sold 1,111,420 shares of company stock valued at $384,366,700 over the last 90 days. 3.20% of the stock is owned by corporate insiders.

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.