Signet Financial Management LLC Makes New $1.49 Million Investment in Salesforce, Inc. (NYSE:CRM)

Signet Financial Management LLC acquired a new position in shares of Salesforce, Inc. (NYSE:CRM) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,661 shares of the CRM provider’s stock, valued at approximately $1,490,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRM. Bear Mountain Capital Inc. bought a new position in Salesforce during the fourth quarter worth $26,000. Pacifica Partners Inc. boosted its position in shares of Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 100 shares during the period. BKM Wealth Management LLC bought a new stake in shares of Salesforce in the fourth quarter valued at about $34,000. GHP Investment Advisors Inc. boosted its position in shares of Salesforce by 30.4% in the fourth quarter. GHP Investment Advisors Inc. now owns 270 shares of the CRM provider’s stock valued at $36,000 after acquiring an additional 63 shares during the period. Finally, Live Oak Investment Partners bought a new stake in shares of Salesforce in the fourth quarter valued at about $36,000. 80.43% of the stock is owned by institutional investors.

Salesforce Stock Up 1.7 %

Shares of NYSE CRM opened at $277.41 on Wednesday. Salesforce, Inc. has a 52 week low of $190.57 and a 52 week high of $318.71. The business has a 50-day simple moving average of $298.35 and a two-hundred day simple moving average of $260.79. 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 company has a market cap of $269.09 billion, a P/E ratio of 66.05, a P/E/G ratio of 2.10 and a beta of 1.28.

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

Salesforce Announces Dividend

The firm also recently declared 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 dividend yield of 0.58%. Salesforce’s payout ratio is currently 9.52%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CRM shares. UBS Group boosted their target price on shares of Salesforce from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Evercore ISI boosted their target price on shares of Salesforce from $290.00 to $330.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Robert W. Baird boosted their target price on shares of Salesforce from $310.00 to $355.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Truist Financial reaffirmed a “buy” rating and issued a $360.00 price target (up previously from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Finally, Morgan Stanley raised Salesforce from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $290.00 to $350.00 in a research note on Thursday, December 21st. 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $307.87.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 216 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total value of $60,201.36. Following the sale, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 216 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total value of $60,201.36. Following the sale, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Brian Millham sold 393 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $280.00, for a total value of $110,040.00. The disclosure for this sale can be found here. Insiders have sold a total of 897,375 shares of company stock valued at $260,206,096 in the last 90 days. Corporate insiders own 3.70% of the company’s stock.

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.