Twin Peaks Wealth Advisors LLC Sells 377 Shares of Salesforce, Inc. (NYSE:CRM)

Twin Peaks Wealth Advisors LLC reduced its position in shares of Salesforce, Inc. (NYSE:CRM) by 7.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,412 shares of the CRM provider’s stock after selling 377 shares during the period. Twin Peaks Wealth Advisors LLC’s holdings in Salesforce were worth $1,125,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Bensler LLC bought a new stake in shares of Salesforce during the 1st quarter worth $3,169,000. Smithbridge Asset Management Inc. DE bought a new stake in shares of Salesforce during the 1st quarter worth $5,407,000. RMR Wealth Builders boosted its holdings in shares of Salesforce by 7.6% during the 1st quarter. RMR Wealth Builders now owns 8,833 shares of the CRM provider’s stock worth $2,370,000 after buying an additional 623 shares during the period. NorthCrest Asset Manangement LLC boosted its holdings in shares of Salesforce by 2.5% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 102,261 shares of the CRM provider’s stock worth $27,443,000 after buying an additional 2,491 shares during the period. Finally, GraniteShares Advisors LLC boosted its holdings in shares of Salesforce by 2.2% during the 1st quarter. GraniteShares Advisors LLC now owns 5,974 shares of the CRM provider’s stock worth $1,603,000 after buying an additional 126 shares during the period. 80.43% of the stock is owned by institutional investors.

Salesforce Trading Up 0.2%

NYSE CRM opened at $266.56 on Friday. The stock has a 50-day simple moving average of $267.80 and a 200 day simple moving average of $300.72. The company has a market capitalization of $254.83 billion, a PE ratio of 43.84, a P/E/G ratio of 2.58 and a beta of 1.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.44 earnings per share. Research analysts forecast that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be paid a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date is Wednesday, June 18th. Salesforce’s payout ratio is currently 25.98%.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 3,273 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $931,430.34. Following the sale, the insider now owns 125,146 shares of the company’s stock, valued at $35,614,048.68. The trade was a 2.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $12,967,047.50. This represents a 11.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,332 shares of company stock valued at $11,024,802. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRM. Robert W. Baird reduced their price target on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Piper Sandler increased their price target on shares of Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a report on Wednesday, May 28th. Stifel Nicolaus reduced their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $400.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Finally, Westpark Capital reissued a “buy” rating and issued a $320.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $346.34.

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.