Bull Oak Capital LLC purchased a new position in Salesforce Inc. (NYSE:CRM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,596 shares of the CRM provider's stock, valued at approximately $428,000. Salesforce makes up approximately 0.2% of Bull Oak Capital LLC's holdings, making the stock its 19th largest holding.
A number of other hedge funds and other institutional investors have also bought and sold shares of CRM. Norges Bank bought a new position in Salesforce in the 4th quarter worth $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Salesforce by 926.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock worth $1,422,979,000 after purchasing an additional 3,841,521 shares in the last quarter. GAMMA Investing LLC raised its holdings in Salesforce by 30,456.9% in the 1st quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock worth $1,020,194,000 after purchasing an additional 3,789,147 shares in the last quarter. Invesco Ltd. raised its holdings in Salesforce by 42.5% in the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after purchasing an additional 2,325,156 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after purchasing an additional 1,736,667 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.
Insiders Place Their Bets
In other news, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the sale, the insider owned 41,422 shares in the company, valued at approximately $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 1,525 shares of the business's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total value of $386,831.50. Following the sale, the chief accounting officer owned 12,211 shares in the company, valued at $3,097,442.26. The trade was a 11.10% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,034 shares of company stock valued at $8,833,235 in the last three months. 3.20% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
CRM has been the subject of several research reports. Northland Securities decreased their price target on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. BMO Capital Markets decreased their price target on shares of Salesforce from $367.00 to $350.00 and set an "outperform" rating for the company in a research note on Tuesday, May 27th. Guggenheim raised shares of Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. Cantor Fitzgerald reissued an "overweight" rating and set a $325.00 price objective on shares of Salesforce in a research report on Thursday, June 26th. Finally, Mizuho cut their price objective on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a research report on Thursday, May 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $349.08.
Get Our Latest Report on CRM
Salesforce Price Performance
Shares of CRM stock traded down $2.55 on Wednesday, reaching $271.10. The company's stock had a trading volume of 6,371,001 shares, compared to its average volume of 6,542,568. The stock's fifty day simple moving average is $272.48 and its 200-day simple moving average is $290.51. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $259.17 billion, a price-to-earnings ratio of 42.43, a price-to-earnings-growth ratio of 2.45 and a beta of 1.36.
Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during 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 quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.44 earnings per share. Analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.
Salesforce Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be issued a $0.416 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.61%. Salesforce's dividend payout ratio is presently 25.98%.
About Salesforce
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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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