Bristlecone Advisors LLC Has $2.88 Million Holdings in Salesforce Inc. (NYSE:CRM)

Bristlecone Advisors LLC boosted its position in Salesforce Inc. (NYSE:CRM - Free Report) by 49.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,742 shares of the CRM provider's stock after buying an additional 3,566 shares during the period. Bristlecone Advisors LLC's holdings in Salesforce were worth $2,883,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Notis McConarty Edward lifted its holdings in Salesforce by 71.6% during the first quarter. Notis McConarty Edward now owns 3,844 shares of the CRM provider's stock worth $1,032,000 after acquiring an additional 1,604 shares during the period. Alecta Tjanstepension Omsesidigt increased its stake in shares of Salesforce by 121.9% during the 1st quarter. Alecta Tjanstepension Omsesidigt now owns 355,000 shares of the CRM provider's stock worth $95,222,000 after purchasing an additional 195,000 shares during the last quarter. Delaney Dennis R lifted its position in shares of Salesforce by 66.1% during the 1st quarter. Delaney Dennis R now owns 5,694 shares of the CRM provider's stock valued at $1,528,000 after buying an additional 2,266 shares during the last quarter. Journey Strategic Wealth LLC increased its holdings in Salesforce by 34.5% in the 1st quarter. Journey Strategic Wealth LLC now owns 4,948 shares of the CRM provider's stock worth $1,328,000 after acquiring an additional 1,270 shares during the last quarter. Finally, Mathes Company Inc. raised its stake in Salesforce by 396.9% in the 1st quarter. Mathes Company Inc. now owns 12,298 shares of the CRM provider's stock valued at $3,300,000 after acquiring an additional 9,823 shares during the period. Institutional investors own 80.43% of the company's stock.

Salesforce Trading Down 3.4%

Shares of CRM opened at $240.63 on Friday. The firm has a market capitalization of $230.04 billion, a price-to-earnings ratio of 37.66, a PEG ratio of 2.26 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 Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The company has a 50-day moving average of $263.97 and a 200 day moving average of $280.10.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping 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 firm had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same period in the prior year, the business posted $2.44 EPS. The firm's quarterly revenue was up 7.6% on a year-over-year basis. On average, research analysts expect that Salesforce Inc. will post 7.46 EPS for the current 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 given a dividend of $0.416 per share. The ex-dividend date of this dividend 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 is presently 25.98%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Piper Sandler increased their target price on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. Morgan Stanley reiterated an "overweight" rating and set a $404.00 target price (up from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. The Goldman Sachs Group raised their price objective on shares of Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Erste Group Bank lowered shares of Salesforce from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. Finally, Oppenheimer restated an "outperform" rating and set a $370.00 price target on shares of Salesforce in a research report on Tuesday, June 10th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have assigned a buy rating and four have assigned 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 $348.16.

Insider Buying and Selling

In other news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $248.40, for a total transaction of $558,900.00. Following the completion of the sale, the chief executive officer owned 11,911,571 shares in the company, valued at approximately $2,958,834,236.40. This represents a 0.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 46,479 shares of company stock worth $12,457,591 over the last three months. Corporate insiders own 3.20% 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.

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