Boston Family Office LLC Has $24.16 Million Stock Holdings in Salesforce Inc. $CRM

Key Points

• Boston Family Office LLC reduced its stake in Salesforce Inc. by 1.4%, holding 90,032 shares worth approximately $24.16 million, making Salesforce its 17th largest holding.
• Salesforce reported earnings of $2.58 per share for the last quarter, exceeding expectations, with revenues of $9.83 billion, marking a 7.6% year-over-year increase.
• Recent price targets for Salesforce have been adjusted downward by several research firms, with the consensus target price now set at $347.50, reflecting a moderate buy rating from analysts.

Boston Family Office LLC decreased its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 90,032 shares of the CRM provider's stock after selling 1,278 shares during the period. Salesforce makes up approximately 1.7% of Boston Family Office LLC's investment portfolio, making the stock its 17th largest position. Boston Family Office LLC's holdings in Salesforce were worth $24,161,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Salesforce by 1.6% during the first quarter. Vanguard Group Inc. now owns 87,913,628 shares of the CRM provider's stock worth $23,592,501,000 after purchasing an additional 1,383,942 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock valued at $3,752,830,000 after buying an additional 1,736,667 shares during the period. Goldman Sachs Group Inc. lifted its stake in Salesforce by 5.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,014,148 shares of the CRM provider's stock worth $2,419,037,000 after acquiring an additional 437,435 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Salesforce by 23.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock worth $2,988,422,000 after acquiring an additional 1,683,233 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Salesforce by 7.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,658,132 shares of the CRM provider's stock valued at $2,894,673,000 after acquiring an additional 602,445 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Up 0.7%

CRM stock traded up $1.71 during trading hours on Monday, reaching $244.15. 8,802,889 shares of the stock were exchanged, compared to its average volume of 7,312,840. The firm's 50-day moving average is $260.41 and its 200-day moving average is $274.82. Salesforce Inc. has a 12 month low of $226.48 and a 12 month high of $369.00. The company has a market cap of $233.41 billion, a price-to-earnings ratio of 38.21, a PEG ratio of 2.20 and a beta of 1.37. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07.

Salesforce (NYSE:CRM - Get Free Report) last released its earnings results 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 net margin of 16.08% and a return on equity of 12.94%. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter last year, the firm earned $2.44 earnings per share. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities research analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The firm also recently declared 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%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CRM. Erste Group Bank cut shares of Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. Sanford C. Bernstein boosted their price target on shares of Salesforce from $243.00 to $255.00 and gave the stock an "underperform" rating in a research note on Thursday, May 29th. DA Davidson raised Salesforce from an "underperform" rating to a "neutral" rating and set a $225.00 price objective on the stock in a research report on Friday. Mizuho reduced their price objective on Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a research note on Thursday, May 15th. Finally, Morgan Stanley reissued an "overweight" rating and set a $404.00 target price (up from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $342.89.

Insider Buying and Selling

In other news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $260.30, for a total transaction of $585,675.00. Following the completion of the transaction, the chief executive officer directly owned 11,955,566 shares in the company, valued at approximately $3,112,033,829.80. The trade was a 0.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 48,782 shares of company stock worth $12,626,046 in the last three months. Company insiders own 3.00% of the company's stock.

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.