Benjamin Edwards Inc. Buys 4,621 Shares of Salesforce Inc. (NYSE:CRM)

Key Points

• Benjamin Edwards Inc. increased its stake in Salesforce Inc. by 10.0%, now owning 50,956 shares worth approximately $13.7 million.
• Several major institutional investors like Vanguard Group Inc. and Goldman Sachs Group Inc. have also grown their holdings in Salesforce during recent quarters.
• Salesforce's recent earnings report surpassed estimates, with an EPS of $2.58, and its quarterly revenue increased by 7.6% year-over-year.

Benjamin Edwards Inc. boosted its position in Salesforce Inc. (NYSE:CRM - Free Report) by 10.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 50,956 shares of the CRM provider's stock after purchasing an additional 4,621 shares during the period. Benjamin Edwards Inc.'s holdings in Salesforce were worth $13,675,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Gifford Fong Associates lifted its position in Salesforce by 138.8% during the first quarter. Gifford Fong Associates now owns 43,009 shares of the CRM provider's stock worth $11,542,000 after acquiring an additional 25,000 shares during the last quarter. Koss Olinger Consulting LLC acquired a new stake in Salesforce during the first quarter worth approximately $629,000. MUFG Securities EMEA plc lifted its position in Salesforce by 714.3% during the first quarter. MUFG Securities EMEA plc now owns 227,999 shares of the CRM provider's stock worth $61,186,000 after acquiring an additional 199,999 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in Salesforce during the first quarter worth approximately $7,176,000. Finally, Townsquare Capital LLC lifted its position in Salesforce by 8.6% during the first quarter. Townsquare Capital LLC now owns 54,273 shares of the CRM provider's stock worth $14,565,000 after acquiring an additional 4,312 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Salesforce

In related news, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the transaction, the insider owned 41,422 shares in the company, valued at $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $259.67, for a total transaction of $584,257.50. Following the completion of the transaction, the chief executive officer owned 11,955,566 shares in the company, valued at approximately $3,104,501,823.22. The trade was a 0.02% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,979 shares of company stock worth $13,530,369. 3.00% of the stock is owned by company insiders.

Salesforce Trading Down 0.6%

Shares of NYSE:CRM traded down $1.28 during mid-day trading on Tuesday, reaching $231.40. 13,176,549 shares of the company's stock were exchanged, compared to its average volume of 7,166,282. The firm has a market capitalization of $221.22 billion, a price-to-earnings ratio of 36.21, a PEG ratio of 2.18 and a beta of 1.37. The business's fifty day moving average price is $262.89 and its 200-day moving average price is $278.04. 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 Inc. has a twelve month low of $226.48 and a twelve month high of $369.00.

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

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were issued a $0.416 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce's payout ratio is presently 25.98%.

Analyst Upgrades and Downgrades

CRM has been the subject of several research reports. Oppenheimer restated an "outperform" rating and set a $370.00 price objective on shares of Salesforce in a research report on Tuesday, June 10th. Citigroup lowered their target price on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Sanford C. Bernstein raised their target price on shares of Salesforce from $243.00 to $255.00 and gave the stock an "underperform" rating in a report on Thursday, May 29th. DA Davidson reaffirmed an "underperform" rating and set a $200.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Finally, Mizuho lowered their target price on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a report on Thursday, May 15th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $348.16.

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.