Hudson Valley Investment Advisors Sells Off Salesforce Holdings

Hudson Valley Investment Advisors Inc. ADV lowered its holdings in Salesforce, Inc. (CRM) by 12.3% during the fourth quarter. The institutional investor owned 23,429 shares of CRM after selling 3,298 shares, with holdings valued at $6,112,000. Other institutional investors also adjusted their positions in CRM during the quarter, with Prentice Wealth Management LLC, Westside Investment Management Inc., Enterprise Bank & Trust Co, Fort Point Capital Partners LLC, and Seven Springs Wealth Group LLC all making notable changes to their holdings.

Hudson Valley Investment Advisors Reduces Holdings in Salesforce

Hudson Valley Investment Advisors Inc. ADV decreased its stake in Salesforce, Inc. (NYSE: CRM) by 12.3% during the fourth quarter, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,429 shares of the CRM provider's stock after selling 3,298 shares during the period. Hudson Valley Investment Advisors Inc. ADV's holdings in Salesforce were valued at $6,112,000 as of its most recent SEC filing.

Other Institutional Investors' Transactions

Several other institutional investors have recently engaged in trading activities involving Salesforce shares.

• Prentice Wealth Management LLC increased its stake in Salesforce by 1.7% in the fourth quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider's stock valued at $604,000 after acquiring an additional 38 shares during the last quarter.
• Westside Investment Management Inc. increased its stake in Salesforce by 0.9% in the fourth quarter. Westside Investment Management Inc. now owns 4,712 shares of the CRM provider's stock valued at $1,240,000 after purchasing an additional 42 shares during the last quarter.
• Enterprise Bank & Trust Co increased its stake in Salesforce by 0.4% in the fourth quarter. Enterprise Bank & Trust Co now owns 12,133 shares of the CRM provider's stock valued at $3,193,000 after acquiring an additional 44 shares during the last quarter.
• Fort Point Capital Partners LLC increased its stake in Salesforce by 1.5% in the third quarter. Fort Point Capital Partners LLC now owns 3,298 shares of the CRM provider's stock valued at $669,000 after acquiring an additional 49 shares during the last quarter.
• Seven Springs Wealth Group LLC increased its stake in Salesforce by 1.1% in the third quarter. Seven Springs Wealth Group LLC now owns 4,714 shares of the CRM provider's stock valued at $956,000 after acquiring an additional 49 shares during the last quarter.

Institutional investors and hedge funds collectively own 77.52% of Salesforce's outstanding shares.

Insider Transactions

In insider-related news, Srinivas Tallapragada, an insider, sold 10,000 shares of the company's stock in a transaction that took place on Tuesday, December 26th. The shares were sold at an average price of $265.70, resulting in a total transaction value of $2,657,000.00. Following the transaction, the insider now directly owns 59,861 shares in the company, valued at approximately $15,905,067.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

CFO Amy E. Weaver also sold 7,075 shares of the company's stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, resulting in a total transaction value of $2,188,439.00. Following the sale, the chief financial officer now directly owns 38,483 shares of the company's stock, valued at approximately $11,903,561.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the provided hyperlink.

Furthermore, Srinivas Tallapragada, an insider, sold 10,000 shares of the company's stock in a transaction that took place on Tuesday, December 26th. The stock was sold at an average price of $265.70, resulting in a total transaction value of $2,657,000.00. Following the sale, the insider now directly owns 59,861 shares in the company, valued at $15,905,067.70. The disclosure for this sale can be found here.

Insiders have sold a total of 1,169,296 shares of company stock worth $326,477,726 in the past three months. Corporate insiders own 3.70% of the stock.

Salesforce Price Performance

Shares of Salesforce opened at $307.77 on Friday. The firm has a 50-day moving average of $292.17 and a 200-day moving average of $250.17. The stock has a market capitalization of $298.54 billion, a PE ratio of 73.28, a PEG ratio of 2.37, and a beta of 1.28. The company has a current ratio of 1.09, a quick ratio of 1.09, and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12-month low of $185.58 and a 12-month high of $318.71.

Salesforce's Quarterly Earnings

Salesforce (NYSE: CRM) last released its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, exceeding analysts' consensus estimates of $1.72 by $0.06. The business had revenue of $9.29 billion during the quarter, compared to analysts' expectations of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm's quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 EPS. On average, equities research analysts predict that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will receive a dividend of $0.40 per share. This represents an annualized dividend of $1.60 and a yield of 0.52%. The ex-dividend date of this dividend is Wednesday, March 13th. Salesforce's dividend payout ratio is 9.52%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on Salesforce stock.

• Truist Financial reiterated a "buy" rating and raised its price target on Salesforce shares from $275.00 to $360.00 in a research report on Thursday, February 29th.
• Bank of America increased its price target on Salesforce shares from $350.00 to $360.00 and maintained a "buy" rating on the company in a research report on Thursday, February 29th.
• Needham & Company LLC raised its price target on Salesforce shares from $275.00 to $345.00 and maintained a "buy" rating on the company in a research report on Thursday, February 29th.
• StockNews.com downgraded Salesforce shares from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 19th.
• Raymond James raised its price target on Salesforce shares from $280.00 to $300.00 and maintained a "strong-buy" rating on the company in a research report on Thursday, November 30th.

Nine research analysts have assigned a "hold" rating to the stock, twenty-four have assigned a "buy" rating, and one has assigned a "strong buy" rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $304.32.

About Salesforce

Salesforce, Inc. provides Customer Relationship Management (CRM) technology that connects businesses with their customers worldwide. The company's services include sales, which helps store data, track leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service, which enables companies to provide personalized customer support at scale.