MinichMacGregor Wealth Management LLC Buys New Holdings in Salesforce, Inc. (NYSE:CRM)

MinichMacGregor Wealth Management LLC bought a new stake in Salesforce, Inc. (NYSE:CRM – Get Rating) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 232 shares of the CRM provider’s stock, valued at approximately $31,000.

Other large investors have also modified their holdings of the company. Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of Salesforce by 506.1% in the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 200 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 167 shares in the last quarter. GHP Investment Advisors Inc. raised its stake in shares of Salesforce by 113.4% in the third quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock valued at $30,000 after purchasing an additional 110 shares in the last quarter. TimeScale Financial Inc. grew its position in Salesforce by 576.9% in the third quarter. TimeScale Financial Inc. now owns 264 shares of the CRM provider’s stock valued at $38,000 after acquiring an additional 225 shares during the period. Ameliora Wealth Management Ltd. bought a new stake in Salesforce in the third quarter valued at $38,000. Finally, HBC Financial Services PLLC grew its position in Salesforce by 350.0% in the second quarter. HBC Financial Services PLLC now owns 225 shares of the CRM provider’s stock valued at $39,000 after acquiring an additional 175 shares during the period. 75.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on CRM. Macquarie upped their price target on Salesforce from $218.00 to $225.00 and gave the company an “outperform” rating in a research report on Thursday, March 2nd. Piper Sandler upped their price target on Salesforce from $171.00 to $230.00 and gave the company an “overweight” rating in a research report on Thursday, March 2nd. Wedbush upped their price target on Salesforce from $200.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, March 2nd. Morgan Stanley upped their price target on Salesforce from $236.00 to $240.00 and gave the company an “overweight” rating in a research report on Thursday, March 2nd. Finally, Citigroup increased their target price on Salesforce from $182.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, March 3rd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $211.24.

Insider Activity

In other news, insider Brent Hyder sold 292 shares of Salesforce stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $128.55, for a total transaction of $37,536.60. Following the transaction, the insider now owns 6,305 shares in the company, valued at approximately $810,507.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Salesforce news, insider Brent Hyder sold 292 shares of the business’s stock in a transaction that occurred on Friday, December 23rd. The stock was sold at an average price of $128.55, for a total value of $37,536.60. Following the sale, the insider now owns 6,305 shares in the company, valued at approximately $810,507.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 186 shares of the business’s stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $155.59, for a total value of $28,939.74. Following the completion of the sale, the chief accounting officer now owns 1,273 shares in the company, valued at approximately $198,066.07. The disclosure for this sale can be found here. Insiders have sold 39,268 shares of company stock worth $6,641,547 in the last 90 days. Corporate insiders own 3.60% of the company’s stock.

Salesforce Trading Down 1.3 %

NYSE CRM opened at $184.85 on Friday. Salesforce, Inc. has a one year low of $126.34 and a one year high of $222.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $184.85 billion, a P/E ratio of 880.28, a P/E/G ratio of 2.24 and a beta of 1.21. The stock’s 50-day moving average is $166.43 and its 200-day moving average is $153.85.

Salesforce (NYSE:CRM – Get Rating) last released its quarterly earnings data on Wednesday, March 1st. The CRM provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.32. Salesforce had a return on equity of 4.48% and a net margin of 0.66%. The business had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $7.99 billion. During the same quarter in the previous year, the business posted $0.24 EPS. Salesforce’s revenue for the quarter was up 14.4% on a year-over-year basis. Sell-side analysts anticipate that Salesforce, Inc. will post 4.88 earnings per share for the current fiscal year.

Salesforce declared that its board has authorized a stock buyback program on Wednesday, March 1st that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the CRM provider to reacquire up to 10.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

About Salesforce

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Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.