Fountainhead AM LLC Acquires New Holdings in Salesforce, Inc. (NYSE:CRM)

Fountainhead AM LLC acquired a new stake in Salesforce, Inc. (NYSE:CRM) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 1,592 shares of the CRM provider’s stock, valued at approximately $419,000.

Several other hedge funds have also recently bought and sold shares of CRM. Bear Mountain Capital Inc. bought a new stake in shares of Salesforce during the 4th quarter worth about $26,000. Kathleen S. Wright Associates Inc. acquired a new position in Salesforce during the fourth quarter worth about $31,000. Pacifica Partners Inc. raised its position in Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. BKM Wealth Management LLC acquired a new stake in Salesforce in the 4th quarter valued at about $34,000. Finally, AlphaMark Advisors LLC boosted its position in shares of Salesforce by 892.9% during the 4th quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock valued at $37,000 after purchasing an additional 125 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Up 1.0 %

CRM traded up $2.82 during midday trading on Tuesday, hitting $276.63. 6,283,041 shares of the company’s stock traded hands, compared to its average volume of 5,718,907. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market cap of $268.33 billion, a PE ratio of 65.86, a price-to-earnings-growth ratio of 2.08 and a beta of 1.28. Salesforce, Inc. has a one year low of $190.57 and a one year high of $318.71. The stock’s fifty day simple moving average is $296.91 and its 200-day simple moving average is $263.28.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the business earned $1.01 EPS. Salesforce’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities analysts anticipate that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.58%. Salesforce’s dividend payout ratio is 9.52%.

Analyst Upgrades and Downgrades

CRM has been the subject of several recent research reports. JPMorgan Chase & Co. increased their target price on shares of Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Robert W. Baird raised their price objective on Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. KeyCorp assumed coverage on Salesforce in a report on Thursday, March 21st. They issued a “sector weight” rating on the stock. Truist Financial reaffirmed a “buy” rating and set a $360.00 target price (up from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Finally, BMO Capital Markets increased their price target on Salesforce from $325.00 to $335.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $310.61.

Insider Buying and Selling

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $274.03, for a total transaction of $4,110,450.00. Following the completion of the transaction, the chief executive officer now owns 12,812,327 shares in the company, valued at $3,510,961,967.81. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $274.03, for a total transaction of $4,110,450.00. Following the sale, the chief executive officer now directly owns 12,812,327 shares of the company’s stock, valued at $3,510,961,967.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Srinivas Tallapragada sold 10,000 shares of Salesforce stock in a transaction on Monday, January 29th. The shares were sold at an average price of $283.12, for a total value of $2,831,200.00. Following the completion of the transaction, the insider now owns 60,416 shares of the company’s stock, valued at approximately $17,104,977.92. The disclosure for this sale can be found here. Insiders have sold a total of 611,379 shares of company stock valued at $179,698,420 over the last three months. 3.70% of the stock is owned by corporate 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.