Parsons Capital Management Inc. RI Sells 121 Shares of Salesforce, Inc. (NYSE:CRM)

Parsons Capital Management Inc. RI reduced its stake in Salesforce, Inc. (NYSE:CRM) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,673 shares of the CRM provider’s stock after selling 121 shares during the period. Parsons Capital Management Inc. RI’s holdings in Salesforce were worth $5,574,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce during the third quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL bought a new position in Salesforce in the second quarter worth $33,000. Godsey & Gibb Inc. increased its holdings in shares of Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 90 shares in the last quarter. Annapolis Financial Services LLC increased its holdings in shares of Salesforce by 135.6% during the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock valued at $38,000 after acquiring an additional 80 shares in the last quarter. Finally, FSA Wealth Management LLC bought a new position in shares of Salesforce during the third quarter valued at $53,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $340.91 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 business’s 50 day moving average price is $336.73 and its 200-day moving average price is $294.60. The firm has a market capitalization of $326.25 billion, a PE ratio of 55.29, a P/E/G ratio of 3.01 and a beta of 1.30. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business’s revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.62 earnings per share. As a group, equities research analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date was Wednesday, December 18th. Salesforce’s dividend payout ratio (DPR) is currently 26.32%.

Insiders Place Their Bets

In related news, insider Miguel Milano sold 719 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the sale, the insider now owns 4,659 shares in the company, valued at approximately $1,597,151.79. The trade was a 13.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $298.04, for a total value of $1,251,768.00. Following the completion of the sale, the insider now owns 119,402 shares in the company, valued at $35,586,572.08. This represents a 3.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,173,891 shares of company stock valued at $402,840,388. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. The Goldman Sachs Group increased their price objective on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Macquarie reaffirmed a “neutral” rating and set a $370.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Citigroup increased their price objective on Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. BMO Capital Markets raised their target price on Salesforce from $385.00 to $425.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, KeyCorp raised Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $377.63.

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.