Mainstay Capital Management LLC ADV Raises Position in Salesforce, Inc. (NYSE:CRM)

Mainstay Capital Management LLC ADV raised its position in Salesforce, Inc. (NYSE:CRM) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,654 shares of the CRM provider’s stock after acquiring an additional 189 shares during the quarter. Mainstay Capital Management LLC ADV’s holdings in Salesforce were worth $1,890,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CRM. Nvest Financial LLC grew its holdings in shares of Salesforce by 1.1% during the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock worth $938,000 after buying an additional 31 shares in the last quarter. OMC Financial Services LTD grew its holdings in shares of Salesforce by 0.3% during the fourth quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock worth $3,808,000 after buying an additional 31 shares in the last quarter. Capital Advisors Ltd. LLC grew its holdings in shares of Salesforce by 4.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after buying an additional 31 shares in the last quarter. Sachetta LLC grew its holdings in shares of Salesforce by 0.3% during the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after buying an additional 32 shares in the last quarter. Finally, Prossimo Advisors LLC grew its holdings in shares of Salesforce by 1.0% during the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after buying an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction of $167,970.00. Following the sale, the chief accounting officer now owns 6,557 shares of the company’s stock, valued at approximately $2,202,758.58. This trade represents a 7.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total value of $2,041,607.78. Following the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at $15,342,415. The trade was a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,102,114 shares of company stock valued at $381,142,656 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CRM shares. Wedbush reissued an “outperform” rating and set a $425.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Scotiabank boosted their price target on shares of Salesforce from $425.00 to $440.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Barclays boosted their price target on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Truist Financial reaffirmed a “buy” rating and issued a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Finally, KeyCorp upgraded shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price target on the stock in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-two have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $375.53.

Salesforce Stock Down 2.8 %

CRM opened at $309.54 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $296.23 billion, a PE ratio of 50.91, a price-to-earnings-growth ratio of 2.58 and a beta of 1.31. The business has a 50-day moving average of $333.34 and a 200-day moving average of $306.18. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business’s revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.62 EPS. Equities research analysts forecast that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Wednesday, December 18th. Salesforce’s dividend payout ratio is 26.32%.

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.