Parr Mcknight Wealth Management Group LLC Acquires Shares of 5,847 Salesforce, Inc. (NYSE:CRM)

by · The Cerbat Gem

Parr Mcknight Wealth Management Group LLC bought a new position in Salesforce, Inc. (NYSE:CRM – Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,847 shares of the CRM provider’s stock, valued at approximately $1,955,000.

Other hedge funds have also recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new stake in shares of Salesforce during the 4th quarter valued at approximately $236,000. MCF Advisors LLC lifted its position in shares of Salesforce by 63.8% during the fourth quarter. MCF Advisors LLC now owns 231 shares of the CRM provider’s stock worth $77,000 after acquiring an additional 90 shares in the last quarter. Beaumont Financial Advisors LLC boosted its holdings in shares of Salesforce by 18.0% in the fourth quarter. Beaumont Financial Advisors LLC now owns 2,384 shares of the CRM provider’s stock worth $797,000 after acquiring an additional 364 shares during the period. Sheets Smith Wealth Management boosted its holdings in shares of Salesforce by 3.9% in the fourth quarter. Sheets Smith Wealth Management now owns 1,334 shares of the CRM provider’s stock worth $446,000 after acquiring an additional 50 shares during the period. Finally, Advisory Alpha LLC raised its stake in shares of Salesforce by 9.1% during the 4th quarter. Advisory Alpha LLC now owns 2,457 shares of the CRM provider’s stock valued at $822,000 after purchasing an additional 205 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Insider Activity at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at $14,071,750. The trade was a 11.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Miguel Milano sold 458 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the transaction, the insider now owns 5,864 shares of the company’s stock, valued at approximately $1,805,936.08. This trade represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,306 shares of company stock worth $12,841,368 over the last 90 days. 3.20% of the stock is owned by company insiders.

Salesforce Price Performance

Shares of Salesforce stock opened at $283.08 on Friday. The company has a market cap of $272.15 billion, a PE ratio of 46.56, a P/E/G ratio of 2.58 and a beta of 1.42. The business has a 50 day moving average of $268.58 and a 200 day moving average of $306.75. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were paid a dividend of $0.42 per share. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.59%. Salesforce’s payout ratio is presently 26.10%.

Analyst Upgrades and Downgrades

CRM has been the subject of several analyst reports. Stifel Nicolaus reduced their target price on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Wells Fargo & Company reduced their price objective on shares of Salesforce from $310.00 to $255.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. Piper Sandler cut their price target on shares of Salesforce from $400.00 to $315.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Oppenheimer decreased their price target on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Finally, Westpark Capital reissued a “buy” rating and set a $320.00 price objective on shares of Salesforce in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have issued a buy rating and five have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $352.36.

Check Out Our Latest Research Report on CRM

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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