Alpine Bank Wealth Management Buys Shares of 986 Salesforce Inc. (NYSE:CRM)

Alpine Bank Wealth Management bought a new position in Salesforce Inc. (NYSE:CRM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 986 shares of the CRM provider's stock, valued at approximately $265,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Athena Investment Management acquired a new position in Salesforce during the fourth quarter worth about $236,000. Jag Capital Management LLC boosted its position in shares of Salesforce by 2,507.9% during the 4th quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider's stock valued at $7,926,000 after purchasing an additional 22,797 shares in the last quarter. Atlantic Union Bankshares Corp grew its stake in shares of Salesforce by 2.7% in the 4th quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider's stock worth $9,146,000 after purchasing an additional 723 shares during the last quarter. Millstone Evans Group LLC bought a new stake in shares of Salesforce in the 4th quarter worth approximately $823,000. Finally, Heartland Bank & Trust Co lifted its stake in Salesforce by 117.2% during the first quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider's stock valued at $1,605,000 after purchasing an additional 3,227 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Stock Performance

Shares of CRM stock traded up $2.74 during trading on Thursday, reaching $270.50. 6,668,207 shares of the company's stock traded hands, compared to its average volume of 6,518,108. The firm's 50-day moving average is $269.39 and its 200 day moving average is $295.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The company has a market capitalization of $258.60 billion, a P/E ratio of 42.33, a PEG ratio of 2.43 and a beta of 1.38.

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

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be paid a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date is Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CRM shares. Erste Group Bank downgraded Salesforce from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. Macquarie restated a "neutral" rating and issued a $320.00 target price on shares of Salesforce in a report on Thursday, March 20th. Royal Bank Of Canada downgraded shares of Salesforce from an "outperform" rating to a "sector perform" rating and lowered their price objective for the company from $420.00 to $275.00 in a research report on Thursday, May 29th. Loop Capital reduced their price target on Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $325.00 target price on shares of Salesforce in a research report on Thursday. Two research 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $349.08.

Insider Buying and Selling

In other news, insider R David Schmaier sold 6,959 shares of Salesforce stock in a transaction that occurred 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 directly owns 36,090 shares in the company, valued at approximately $9,141,957.90. This trade represents a 16.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Oscar Munoz purchased 3,882 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The stock was bought at an average price of $257.28 per share, for a total transaction of $998,760.96. Following the acquisition, the director now owns 11,843 shares of the company's stock, valued at $3,046,967.04. This represents a 48.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 26,284 shares of company stock valued at $6,996,762 over the last three months. 3.20% of the stock is owned by company insiders.

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.