Fortitude Advisory Group L.L.C. Sells 121 Shares of Salesforce, Inc. (NYSE:CRM)

Fortitude Advisory Group L.L.C. lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,133 shares of the CRM provider’s stock after selling 121 shares during the quarter. Salesforce accounts for 0.7% of Fortitude Advisory Group L.L.C.’s investment portfolio, making the stock its 26th biggest position. Fortitude Advisory Group L.L.C.’s holdings in Salesforce were worth $1,088,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in CRM. Bear Mountain Capital Inc. purchased a new stake in shares of Salesforce during the 4th quarter valued at $26,000. Kathleen S. Wright Associates Inc. purchased a new position in Salesforce in the 4th quarter worth $31,000. Pacifica Partners Inc. raised its position in Salesforce by 333.3% in the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares during the period. BKM Wealth Management LLC purchased a new position in Salesforce in the 4th quarter worth $34,000. Finally, AlphaMark Advisors LLC raised its position in Salesforce by 892.9% in the 4th quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock worth $37,000 after purchasing an additional 125 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Down 0.1 %

Salesforce stock traded down $0.25 during trading hours on Wednesday, hitting $268.69. The stock had a trading volume of 3,758,546 shares, compared to its average volume of 5,610,192. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $260.63 billion, a P/E ratio of 63.76, a price-to-earnings-growth ratio of 2.12 and a beta of 1.28. Salesforce, Inc. has a 12-month low of $190.76 and a 12-month high of $318.71. The stock’s 50-day moving average price is $295.34 and its 200-day moving average price is $265.65.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.06. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company earned $1.01 earnings per share. Equities research analysts anticipate 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 was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were issued 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 0.60%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Insiders Place Their Bets

In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $270.94, for a total transaction of $4,064,100.00. Following the completion of the transaction, the chief executive officer now directly owns 12,827,327 shares of the company’s stock, valued at $3,475,435,977.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Salesforce news, insider Srinivas Tallapragada sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $285.20, for a total transaction of $2,852,000.00. Following the completion of the sale, the insider now directly owns 60,416 shares of the company’s stock, valued at $17,230,643.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $270.94, for a total transaction of $4,064,100.00. Following the sale, the chief executive officer now directly owns 12,827,327 shares of the company’s stock, valued at $3,475,435,977.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 610,793 shares of company stock valued at $179,074,618. Insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRM. Truist Financial reiterated a “buy” rating and issued a $360.00 target price (up previously from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. TheStreet upgraded shares of Salesforce from a “c+” rating to a “b-” rating in a research report on Friday, January 19th. Canaccord Genuity Group restated a “buy” rating and issued a $350.00 price objective on shares of Salesforce in a research report on Thursday, March 7th. KeyCorp started coverage on shares of Salesforce in a research report on Thursday, March 21st. They issued a “sector weight” rating on the stock. Finally, Citigroup boosted their price objective on shares of Salesforce from $265.00 to $325.00 and gave the company a “neutral” rating in a research report on Monday, February 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $310.61.

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.