AIA Group Ltd Grows Position in Salesforce Inc. (NYSE:CRM)

Key Points

• AIA Group Ltd increased its holdings in Salesforce by 8.0%, acquiring an additional 2,436 shares, bringing its total to 32,885 shares worth approximately $8.83 million.
• Salesforce reported $2.58 EPS for the last quarter, exceeding analysts' expectations by $0.03 and showing a 7.6% year-over-year revenue increase.
• Salesforce's stock currently has an average rating of "Moderate Buy" with a consensus price target of $348.16, amid a backdrop of increased institutional investor activity.

AIA Group Ltd grew its position in Salesforce Inc. (NYSE:CRM - Free Report) by 8.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,885 shares of the CRM provider's stock after purchasing an additional 2,436 shares during the quarter. AIA Group Ltd's holdings in Salesforce were worth $8,825,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bernard Wealth Management Corp. bought a new position in shares of Salesforce in the 4th quarter valued at $25,000. Accredited Wealth Management LLC acquired a new stake in Salesforce during the 4th quarter worth about $27,000. Capital A Wealth Management LLC grew its holdings in Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after acquiring an additional 90 shares during the period. CBIZ Investment Advisory Services LLC grew its holdings in Salesforce by 314.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after acquiring an additional 85 shares during the period. Finally, Abound Financial LLC bought a new position in shares of Salesforce during the 1st quarter worth about $31,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Stock Performance

CRM traded up $5.48 during trading on Wednesday, hitting $237.14. The company's stock had a trading volume of 10,198,534 shares, compared to its average volume of 7,188,270. The firm has a market cap of $226.71 billion, a PE ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.37. Salesforce Inc. has a one year low of $226.48 and a one year high of $369.00. The business's 50 day simple moving average is $262.23 and its 200-day simple moving average is $277.72. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.

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

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors 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 yield of 0.7%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Insiders Place Their Bets

In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $236.45, for a total transaction of $532,012.50. Following the completion of the sale, the chief executive officer owned 11,911,571 shares in the company, valued at $2,816,490,962.95. This trade represents a 0.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders have sold 44,282 shares of company stock worth $11,554,754. Company insiders own 3.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CRM shares. BMO Capital Markets cut their price objective on shares of Salesforce from $350.00 to $335.00 and set an "outperform" rating on the stock in a research report on Thursday, July 10th. Westpark Capital reissued a "buy" rating and set a $320.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Piper Sandler raised their price target 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 shares of Salesforce and gave the company an "overweight" rating in a research report on Wednesday, June 18th. Finally, Northland Securities dropped their price target on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating on the stock in a research report on Thursday, May 29th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Salesforce currently has an average rating of "Moderate Buy" and a consensus price target of $346.84.

Salesforce Company 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.