Salesforce Inc. (NYSE:CRM) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System boosted its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 1.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 280,854 shares of the CRM provider's stock after buying an additional 3,217 shares during the period. Salesforce makes up approximately 0.5% of Arizona State Retirement System's holdings, making the stock its 27th largest holding. Arizona State Retirement System's holdings in Salesforce were worth $75,370,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce during the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at $27,000. Wood Tarver Financial Group LLC purchased a new position in Salesforce in the 4th quarter worth about $35,000. Abound Financial LLC bought a new stake in Salesforce during the 1st quarter valued at about $31,000. Finally, VSM Wealth Advisory LLC purchased a new stake in Salesforce in the 4th quarter valued at about $45,000. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

Shares of CRM traded down $5.74 during trading hours on Friday, hitting $258.23. The stock had a trading volume of 7,004,264 shares, compared to its average volume of 6,540,561. The firm has a 50-day moving average price of $272.09 and a 200 day moving average price of $289.24. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00. The firm has a market capitalization of $246.87 billion, a price-to-earnings ratio of 40.41, a PEG ratio of 2.39 and a beta of 1.36. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07.

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 analysts' consensus estimates of $2.55 by $0.03. The firm had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company's quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm earned $2.44 EPS. As a group, research analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a yield of 0.64%. The ex-dividend date was Wednesday, June 18th. Salesforce's payout ratio is 25.98%.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 1,525 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total value of $386,831.50. Following the transaction, the chief accounting officer owned 12,211 shares in the company, valued at $3,097,442.26. This trade represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R David Schmaier sold 6,959 shares of the business's 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 owned 36,090 shares of the company's stock, valued at $9,141,957.90. The trade was a 16.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,284 shares of company stock worth $9,444,537 in the last quarter. Company insiders own 3.20% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on CRM shares. Citigroup dropped their price objective on Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Needham & Company LLC reiterated a "buy" rating and set a $400.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Jefferies Financial Group dropped 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 Monday, March 31st. Canaccord Genuity Group lowered their target price on Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Finally, Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $348.16.

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.