McGlone Suttner Wealth Management Inc. Reduces Stock Position in Salesforce, Inc. (NYSE:CRM)

McGlone Suttner Wealth Management Inc. reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 16.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,645 shares of the CRM provider’s stock after selling 530 shares during the period. McGlone Suttner Wealth Management Inc.’s holdings in Salesforce were worth $696,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp boosted its stake in shares of Salesforce by 0.3% during the 2nd quarter. State Street Corp now owns 45,653,307 shares of the CRM provider’s stock worth $9,644,718,000 after purchasing an additional 143,962 shares during the period. Morgan Stanley boosted its stake in shares of Salesforce by 0.8% during the 4th quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock worth $2,519,719,000 after purchasing an additional 149,012 shares during the period. Northern Trust Corp boosted its stake in shares of Salesforce by 1.1% during the 3rd quarter. Northern Trust Corp now owns 11,195,108 shares of the CRM provider’s stock worth $2,270,144,000 after purchasing an additional 121,436 shares during the period. Norges Bank bought a new stake in Salesforce during the 4th quarter valued at about $1,420,381,000. Finally, Moneta Group Investment Advisors LLC lifted its holdings in Salesforce by 125,717.4% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock valued at $1,360,428,000 after buying an additional 10,252,257 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Performance

Shares of CRM stock traded down $0.20 during trading hours on Thursday, hitting $301.18. The company’s stock had a trading volume of 4,876,082 shares, compared to its average volume of 5,764,980. The company has a 50 day moving average of $294.19 and a 200 day moving average of $252.10. The stock has a market cap of $292.14 billion, a PE ratio of 71.75, a price-to-earnings-growth ratio of 2.35 and a beta of 1.28. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12-month low of $187.31 and a 12-month high of $318.71.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, beating the consensus estimate of $1.72 by $0.06. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 EPS. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend is Wednesday, March 13th. Salesforce’s dividend payout ratio is currently 9.52%.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research analyst reports. Citigroup lifted their price objective on shares of Salesforce from $265.00 to $325.00 and gave the company a “neutral” rating in a report on Monday, February 26th. Stifel Nicolaus lifted their price objective on shares of Salesforce from $300.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. StockNews.com lowered shares of Salesforce from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 19th. Truist Financial reiterated a “buy” rating and set a $360.00 price objective (up previously from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Finally, Bank of America boosted their price target on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $304.32.

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $315.54, for a total value of $4,733,100.00. Following the completion of the transaction, the chief executive officer now directly owns 13,311,166 shares in the company, valued at approximately $4,200,205,319.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the completion of the transaction, the chief executive officer now directly owns 13,311,166 shares in the company, valued at $4,200,205,319.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 12,249 shares of the company’s stock in a transaction on Friday, December 29th. The stock was sold at an average price of $264.94, for a total transaction of $3,245,250.06. Following the transaction, the chief financial officer now owns 37,979 shares of the company’s stock, valued at $10,062,156.26. The disclosure for this sale can be found here. Insiders sold a total of 913,507 shares of company stock worth $259,814,813 in the last three months. Company insiders own 3.70% of the company’s stock.

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.