Red Wave Investments LLC Purchases Shares of 1,082 Salesforce, Inc. (NYSE:CRM)

Red Wave Investments LLC acquired a new position in Salesforce, Inc. (NYSE:CRM) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,082 shares of the CRM provider’s stock, valued at approximately $285,000.

Other hedge funds have also bought and sold shares of the company. Bear Mountain Capital Inc. bought a new position in Salesforce during the fourth quarter valued at approximately $26,000. Kathleen S. Wright Associates Inc. purchased a new position in shares of Salesforce in the fourth quarter worth $31,000. BKM Wealth Management LLC purchased a new stake in Salesforce in the 4th quarter worth approximately $34,000. Pacifica Partners Inc. increased its stake in shares of Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after buying an additional 100 shares during the period. Finally, AlphaMark Advisors LLC raised its holdings in shares of Salesforce by 892.9% during the fourth quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock valued at $37,000 after acquiring an additional 125 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Down 0.0 %

NYSE CRM opened at $274.23 on Monday. Salesforce, Inc. has a one year low of $190.76 and a one year high of $318.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The business has a fifty day moving average price of $295.97 and a 200 day moving average price of $264.71. The company has a market cap of $266.00 billion, a P/E ratio of 65.31, a P/E/G ratio of 2.11 and a beta of 1.28.

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

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. Salesforce’s payout ratio is 9.52%.

Insiders Place Their Bets

In related news, insider Srinivas Tallapragada sold 10,000 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $285.20, for a total value of $2,852,000.00. Following the completion of the sale, the insider now owns 60,416 shares of the company’s stock, valued at $17,230,643.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $299.60, for a total value of $1,258,320.00. Following the completion of the transaction, the insider now directly owns 104,904 shares in the company, valued at approximately $31,429,238.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Srinivas Tallapragada sold 10,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $285.20, for a total value of $2,852,000.00. Following the completion of the sale, the insider now directly owns 60,416 shares of the company’s stock, valued at $17,230,643.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 595,793 shares of company stock valued at $175,070,968. Insiders own 3.70% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on CRM shares. Wells Fargo & Company lifted their price objective on Salesforce from $280.00 to $290.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 21st. JPMorgan Chase & Co. lifted their target price on Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. StockNews.com lowered shares of Salesforce from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 19th. Needham & Company LLC reiterated a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research note on Monday, April 15th. Finally, KeyCorp began coverage on shares of Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating for the company. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $310.61.

Salesforce Company 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.