Cyndeo Wealth Partners LLC Sells 3,130 Shares of Salesforce, Inc. (NYSE:CRM)

Cyndeo Wealth Partners LLC lessened its holdings in Salesforce, Inc. (NYSE:CRM) by 15.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,275 shares of the CRM provider’s stock after selling 3,130 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Salesforce were worth $4,636,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of CRM. Tallon Kerry Patrick purchased a new stake in Salesforce during the fourth quarter valued at about $236,000. Brighton Jones LLC grew its position in shares of Salesforce by 13.7% in the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock valued at $8,582,000 after purchasing an additional 3,102 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in shares of Salesforce in the fourth quarter valued at $104,173,000. Revolve Wealth Partners LLC lifted its holdings in Salesforce by 12.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock worth $611,000 after purchasing an additional 205 shares in the last quarter. Finally, ABC Arbitrage SA purchased a new stake in Salesforce during the 4th quarter worth about $1,476,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

CRM opened at $258.25 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a 52-week low of $227.77 and a 52-week high of $369.00. The stock has a market capitalization of $246.89 billion, a PE ratio of 42.48, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The stock’s 50 day moving average price is $268.09 and its 200-day moving average price is $299.72.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.83 billion for the quarter, compared to analysts’ expectations of $9.74 billion. During the same period in the previous year, the firm earned $2.44 earnings per share. The business’s revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts predict that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be paid a dividend of $0.416 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.64%. Salesforce’s dividend payout ratio (DPR) is presently 25.98%.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $543,263.22. Following the sale, the chief accounting officer now directly owns 11,310 shares in the company, valued at $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the sale, the insider now owns 9,323 shares in the company, valued at $2,605,219.12. This represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,111 shares of company stock worth $9,299,283 over the last ninety days. 3.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. DA Davidson reissued an “underperform” rating and set a $200.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Stifel Nicolaus lowered their price target on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Macquarie reaffirmed a “neutral” rating and issued a $320.00 price target on shares of Salesforce in a report on Thursday, March 20th. Piper Sandler raised their price target on Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a report on Wednesday, May 28th. Finally, Mizuho lowered their price target on Salesforce from $425.00 to $380.00 and set an “outperform” rating on the stock in a report on Thursday, May 15th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $346.34.

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.