Salesforce, Inc. (NYSE:CRM) Shares Acquired by Covenant Partners LLC

Covenant Partners LLC grew its stake in shares of Salesforce, Inc. (NYSE:CRM) by 12.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,258 shares of the CRM provider’s stock after purchasing an additional 257 shares during the period. Covenant Partners LLC’s holdings in Salesforce were worth $618,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CRM. Prentice Wealth Management LLC increased its position in shares of Salesforce by 1.5% in the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after acquiring an additional 37 shares in the last quarter. Fox Hill Wealth Management grew its holdings in shares of Salesforce by 4.0% during the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after buying an additional 38 shares in the last quarter. Pinnacle Wealth Planning Services Inc. raised its position in Salesforce by 0.8% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after buying an additional 38 shares during the period. Fulton Bank N.A. boosted its position in Salesforce by 0.4% during the 3rd quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock worth $2,537,000 after acquiring an additional 38 shares during the period. Finally, CRA Financial Services LLC grew its stake in Salesforce by 3.4% during the 3rd quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock valued at $318,000 after acquiring an additional 38 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the sale, the insider now owns 117,581 shares in the company, valued at approximately $28,362,888.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Miguel Milano sold 2,934 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $262.95, for a total transaction of $771,495.30. Following the sale, the insider now owns 3,716 shares in the company, valued at $977,122.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at $28,362,888.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,781 shares of company stock valued at $23,696,593. Company insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

CRM has been the subject of several research reports. Bank of America restated a “buy” rating and set a $325.00 price target on shares of Salesforce in a report on Friday, September 6th. DA Davidson boosted their target price on Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. UBS Group raised their price target on Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Morgan Stanley increased their target price on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Finally, Loop Capital reaffirmed a “hold” rating and set a $270.00 price objective on shares of Salesforce in a report on Thursday, September 19th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $312.51.

Salesforce Trading Up 1.3 %

CRM traded up $3.70 during midday trading on Friday, reaching $290.46. 3,351,560 shares of the company were exchanged, compared to its average volume of 6,334,725. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $281.46 billion, a P/E ratio of 52.24, a PEG ratio of 2.61 and a beta of 1.30. The stock’s 50-day simple moving average is $269.73 and its 200 day simple moving average is $263.32. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same period last year, the business posted $1.63 earnings per share. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.55%. Salesforce’s dividend payout ratio is currently 28.78%.

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.