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

Cyndeo Wealth Partners LLC reduced its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 15.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Bernard Wealth Management Corp. acquired a new stake in Salesforce in the fourth quarter worth approximately $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce in the fourth quarter valued at $27,000. Halbert Hargrove Global Advisors LLC bought a new position in Salesforce during the fourth quarter valued at about $35,000. Wood Tarver Financial Group LLC acquired a new position in Salesforce during the fourth quarter worth about $35,000. Finally, VSM Wealth Advisory LLC bought a new stake in Salesforce in the fourth quarter worth about $45,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Stock Performance

NYSE:CRM traded up $5.23 during mid-day trading on Monday, hitting $263.63. 7,173,677 shares of the company's stock traded hands, compared to its average volume of 6,539,285. The firm has a market capitalization of $252.03 billion, a price-to-earnings ratio of 43.36, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The firm has a 50 day moving average of $268.09 and a two-hundred day moving average of $299.72. 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 - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.44 earnings per share. On average, equities analysts forecast that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be paid a dividend of $0.416 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.63%. Salesforce's dividend payout ratio is 25.98%.

Insider Buying and Selling at Salesforce

In related news, insider R David Schmaier sold 6,959 shares of the business's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total value of $1,762,784.29. Following the sale, the insider now owns 36,090 shares of the company's stock, valued at $9,141,957.90. The trade was a 16.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Miguel Milano sold 705 shares of the company's stock in a transaction 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 completion of the sale, the insider now owns 9,323 shares in the company, valued at $2,605,219.12. This trade represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,111 shares of company stock valued at $9,299,283 in the last quarter. Corporate insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. BMO Capital Markets lowered their price objective on shares of Salesforce from $367.00 to $350.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 27th. Bank of America decreased their price target on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Stifel Nicolaus cut their price objective on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Jefferies Financial Group reduced their price objective on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, Scotiabank cut their target price on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. Two 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 company's stock. Based on data from MarketBeat, Salesforce presently has an average rating of "Moderate Buy" and a consensus price target 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.