Salesforce Inc. (NYSE:CRM) Position Reduced by Meridian Wealth Management LLC

Key Points

• Meridian Wealth Management LLC reduced its stake in Salesforce Inc. by 7.6%, holding 23,212 shares valued at approximately $6.2 million after selling 1,922 shares in the first quarter.
• Salesforce's current market capitalization is $229.53 billion, with a stock price of $240.09 and a dividend yield of 0.7% after declaring a quarterly dividend of $0.416 per share.
• Analysts have a positive outlook on Salesforce, with a majority giving it a "buy" rating and target prices ranging from $335.00 to $404.00, reflecting confidence in its growth potential.

Meridian Wealth Management LLC trimmed its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 7.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,212 shares of the CRM provider's stock after selling 1,922 shares during the quarter. Meridian Wealth Management LLC's holdings in Salesforce were worth $6,229,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. acquired a new position in shares of Salesforce in the 4th quarter valued at about $25,000. Accredited Wealth Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at about $27,000. Wood Tarver Financial Group LLC acquired a new position in shares of Salesforce in the 4th quarter valued at about $35,000. Capital A Wealth Management LLC boosted its holdings in shares of Salesforce by 450.0% in the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after buying an additional 90 shares during the period. Finally, CBIZ Investment Advisory Services LLC boosted its holdings in shares of Salesforce by 314.8% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after buying an additional 85 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $248.40, for a total transaction of $558,900.00. Following the transaction, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at approximately $2,958,834,236.40. The trade was a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 46,479 shares of company stock worth $12,457,591 in the last quarter. 3.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CRM shares. Morgan Stanley reaffirmed an "overweight" rating and issued a $404.00 price target (up from $393.00) on shares of Salesforce in a report on Thursday, May 29th. Piper Sandler lifted 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. Oppenheimer reissued an "outperform" rating and set a $370.00 target price on shares of Salesforce in a research note on Tuesday, June 10th. Needham & Company LLC reissued a "buy" rating and set a $400.00 target price on shares of Salesforce in a research note on Wednesday, May 28th. Finally, The Goldman Sachs Group boosted their target price on shares of Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $348.16.

Salesforce Stock Down 0.3%

CRM stock opened at $240.09 on Monday. Salesforce Inc. has a 52-week low of $230.00 and a 52-week high of $369.00. The company's 50 day simple moving average is $263.47 and its 200-day simple moving average is $278.75. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $229.53 billion, a P/E ratio of 37.57, a P/E/G ratio of 2.18 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same quarter in the previous year, the business earned $2.44 earnings per share. The firm's revenue was up 7.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.7%. Salesforce's payout ratio is currently 25.98%.

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.

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