King Wealth Management Group Decreases Stake in Salesforce, Inc. (NYSE:CRM)

King Wealth Management Group lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 49.2% in the third quarter, HoldingsChannel.com reports. The firm owned 1,423 shares of the CRM provider’s stock after selling 1,379 shares during the quarter. King Wealth Management Group’s holdings in Salesforce were worth $389,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CRM. Piscataqua Savings Bank grew its holdings in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares during the last quarter. Clear Investment Research LLC grew its stake in shares of Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the last quarter. Stephens Consulting LLC increased its stake in shares of Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after buying an additional 125 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce during the second quarter valued at approximately $33,000. Finally, Godsey & Gibb Inc. lifted its stake in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Down 3.0 %

CRM opened at $331.56 on Friday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $348.86. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a 50-day simple moving average of $283.28 and a two-hundred day simple moving average of $265.84. The company has a market capitalization of $316.97 billion, a PE ratio of 57.66, a price-to-earnings-growth ratio of 3.09 and a beta of 1.29.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the prior year, the company earned $1.63 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. Analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Robert W. Baird raised their target price on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Sanford C. Bernstein lifted their price target on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Roth Mkm reissued a “buy” rating and set a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. FBN Securities raised shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, BNP Paribas raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $322.51.

Insider Buying and Selling at Salesforce

In other news, insider Sabastian Niles sold 2,484 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the transaction, the insider now directly owns 828 shares in the company, valued at approximately $202,702.68. This represents a 75.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Miguel Milano sold 2,934 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $262.95, for a total transaction of $771,495.30. Following the transaction, the insider now owns 3,716 shares in the company, valued at approximately $977,122.20. The trade was a 44.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 144,373 shares of company stock worth $41,250,680 over the last 90 days. 3.20% of the stock is owned by insiders.

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.