Aspiriant LLC Reduces Stake in Salesforce Inc. (NYSE:CRM)

Aspiriant LLC reduced its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 17.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,432 shares of the CRM provider's stock after selling 1,153 shares during the period. Aspiriant LLC's holdings in Salesforce were worth $1,458,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CRM. State of Alaska Department of Revenue boosted its holdings in Salesforce by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 112,140 shares of the CRM provider's stock valued at $30,093,000 after purchasing an additional 3,130 shares during the last quarter. LifeWealth Investments LLC boosted its stake in shares of Salesforce by 10.5% in the first quarter. LifeWealth Investments LLC now owns 1,013 shares of the CRM provider's stock worth $272,000 after buying an additional 96 shares during the last quarter. Marino Stram & Associates LLC boosted its stake in shares of Salesforce by 6.5% in the first quarter. Marino Stram & Associates LLC now owns 2,403 shares of the CRM provider's stock worth $645,000 after buying an additional 146 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its position in Salesforce by 104.8% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 16,003 shares of the CRM provider's stock worth $4,311,000 after purchasing an additional 8,188 shares in the last quarter. Finally, Essex Savings Bank boosted its position in Salesforce by 6.6% in the 1st quarter. Essex Savings Bank now owns 4,879 shares of the CRM provider's stock worth $1,309,000 after purchasing an additional 304 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Sundeep G. Reddy sold 1,909 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the transaction, the chief accounting officer now owns 11,310 shares in the company, valued at approximately $3,218,599.80. This trade represents a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Parker Harris sold 3,273 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $931,430.34. Following the completion of the transaction, the insider now owns 125,146 shares in the company, valued at $35,614,048.68. The trade was a 2.55% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,111 shares of company stock worth $9,299,283. Corporate insiders own 3.20% of the company's stock.

Salesforce Stock Performance

Shares of Salesforce stock opened at $262.51 on Wednesday. The firm has a market capitalization of $250.96 billion, a P/E ratio of 41.08, a P/E/G ratio of 2.39 and a beta of 1.38. The firm's 50 day moving average is $268.43 and its two-hundred day moving average is $299.00. 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 Inc. has a 52 week low of $229.23 and a 52 week high of $369.00.

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

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be given a dividend of $0.416 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.63%. Salesforce's payout ratio is currently 25.98%.

Analyst Ratings Changes

A number of analysts recently issued reports on CRM shares. Macquarie reissued a "neutral" rating and set a $320.00 price target on shares of Salesforce in a report on Thursday, March 20th. Guggenheim upgraded Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. Westpark Capital reaffirmed a "buy" rating and set a $320.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Oppenheimer reaffirmed an "outperform" rating and set a $370.00 price objective on shares of Salesforce in a report on Tuesday, June 10th. Finally, 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 report on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $346.34.

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.

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