Inscription Capital LLC Purchases Shares of 2,553 Salesforce Inc. (NYSE:CRM)

Inscription Capital LLC acquired a new position in shares of Salesforce Inc. (NYSE:CRM - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,553 shares of the CRM provider's stock, valued at approximately $685,000.

Other hedge funds have also modified their holdings of the company. Blackston Financial Advisory Group LLC grew its holdings in shares of Salesforce by 19.8% in the 1st quarter. Blackston Financial Advisory Group LLC now owns 1,732 shares of the CRM provider's stock valued at $465,000 after acquiring an additional 286 shares in the last quarter. Louisbourg Investments Inc. grew its stake in Salesforce by 13.7% in the first quarter. Louisbourg Investments Inc. now owns 26,357 shares of the CRM provider's stock valued at $7,073,000 after purchasing an additional 3,170 shares in the last quarter. Grove Bank & Trust increased its position in shares of Salesforce by 47.3% during the 1st quarter. Grove Bank & Trust now owns 3,872 shares of the CRM provider's stock worth $1,039,000 after purchasing an additional 1,244 shares during the last quarter. Signature Wealth Management Group raised its stake in shares of Salesforce by 3.9% during the 1st quarter. Signature Wealth Management Group now owns 7,103 shares of the CRM provider's stock worth $1,906,000 after purchasing an additional 266 shares in the last quarter. Finally, Community Trust & Investment Co. boosted its holdings in shares of Salesforce by 1.1% in the 1st quarter. Community Trust & Investment Co. now owns 88,300 shares of the CRM provider's stock valued at $23,696,000 after buying an additional 964 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $275.00, for a total transaction of $137,500.00. Following the completion of the transaction, the chief accounting officer now owns 11,711 shares in the company, valued at approximately $3,220,525. This trade represents a 4.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Miguel Milano sold 705 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now owns 9,323 shares of the company's stock, valued at approximately $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 have sold a total of 34,111 shares of company stock valued at $9,299,283 over the last 90 days. 3.20% of the stock is owned by insiders.

Salesforce Price Performance

Shares of CRM traded down $3.78 during trading hours on Thursday, reaching $258.98. The stock had a trading volume of 7,623,720 shares, compared to its average volume of 6,535,521. The stock has a market capitalization of $247.59 billion, a PE ratio of 40.53, a PEG ratio of 2.35 and a beta of 1.38. Salesforce Inc. has a 12 month low of $230.00 and a 12 month high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The company's 50-day moving average is $268.31 and its two-hundred day moving average is $298.72.

Salesforce (NYSE:CRM - Get Free Report) last posted its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business's quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the company earned $2.44 earnings per share. Research analysts expect that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CRM shares. Stifel Nicolaus lowered their price objective on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Stephens reduced their price objective on shares of Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Piper Sandler increased their price objective on shares of Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research report on Wednesday, May 28th. UBS Group set a $404.00 price target on Salesforce and gave the company an "overweight" rating in a research note on Wednesday. Finally, Robert W. Baird dropped their target price on Salesforce from $430.00 to $400.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $349.08.

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.