Core Wealth Advisors Inc. Reduces Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Core Wealth Advisors Inc. cut its position in shares of Salesforce, Inc. (NYSE:CRM) by 1.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,299 shares of the CRM provider’s stock after selling 145 shares during the period. Salesforce makes up 0.9% of Core Wealth Advisors Inc.’s holdings, making the stock its 17th biggest holding. Core Wealth Advisors Inc.’s holdings in Salesforce were worth $2,775,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Foundations Investment Advisors LLC raised its holdings in Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after buying an additional 4,752 shares during the period. Athena Investment Management acquired a new stake in shares of Salesforce during the fourth quarter valued at about $236,000. Highland Capital Management LLC purchased a new stake in shares of Salesforce in the 4th quarter valued at approximately $4,321,000. Nordea Investment Management AB lifted its holdings in shares of Salesforce by 11.9% in the 4th quarter. Nordea Investment Management AB now owns 2,288,803 shares of the CRM provider’s stock worth $766,566,000 after acquiring an additional 243,008 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its position in shares of Salesforce by 14.1% during the 4th quarter. CWA Asset Management Group LLC now owns 15,708 shares of the CRM provider’s stock worth $5,252,000 after purchasing an additional 1,936 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRM. Cantor Fitzgerald initiated coverage on Salesforce in a research report on Wednesday. They issued an “overweight” rating and a $210.00 target price on the stock. Wells Fargo & Company decreased their target price on Salesforce from $310.00 to $255.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Morgan Stanley dropped their target price on Salesforce from $405.00 to $393.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and increased their price target for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. Finally, Canaccord Genuity Group dropped their price objective on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $351.37.

Salesforce Price Performance

Shares of NYSE CRM opened at $264.29 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market cap of $253.98 billion, a P/E ratio of 43.47, a P/E/G ratio of 2.58 and a beta of 1.38. The stock has a 50 day moving average of $274.96 and a two-hundred day moving average of $308.44. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were paid a dividend of $0.42 per share. The ex-dividend date was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a yield of 0.64%. This is a boost from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio is currently 26.10%.

Insiders Place Their Bets

In other Salesforce news, CFO Amy E. Weaver sold 6,221 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 value of $2,089,882.74. Following the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,705,195. This trade represents a 11.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 500 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $335.94, for a total value of $167,970.00. Following the sale, the chief accounting officer now owns 6,557 shares of the company’s stock, valued at $2,202,758.58. This trade represents a 7.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,051 shares of company stock valued at $15,027,714. Insiders own 3.20% 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.