Bulltick Wealth Management LLC Raises Stake in Salesforce Inc. (NYSE:CRM)

Key Points

• Bulltick Wealth Management LLC increased its stake in Salesforce Inc. by 13.6%, acquiring an additional 1,478 shares to reach a total of 12,352 shares valued at approximately $3.31 million.
• Salesforce's recent earnings report showed an EPS of $2.58, beating estimates, and a revenue of $9.83 billion, indicating a 7.6% increase year-over-year.
• Analysts have set a consensus price target of $348.16 for Salesforce, with a majority rating of "Moderate Buy."

Bulltick Wealth Management LLC lifted its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 13.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,352 shares of the CRM provider's stock after purchasing an additional 1,478 shares during the period. Bulltick Wealth Management LLC's holdings in Salesforce were worth $3,314,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Coign Capital Advisors LLC raised its stake in shares of Salesforce by 1.7% during the 1st quarter. Coign Capital Advisors LLC now owns 2,183 shares of the CRM provider's stock worth $586,000 after acquiring an additional 37 shares in the last quarter. Staley Capital Advisers Inc. raised its stake in shares of Salesforce by 1.1% during the 1st quarter. Staley Capital Advisers Inc. now owns 3,343 shares of the CRM provider's stock worth $897,000 after acquiring an additional 38 shares in the last quarter. Liberty One Investment Management LLC raised its stake in shares of Salesforce by 1.2% during the 1st quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider's stock worth $849,000 after acquiring an additional 39 shares in the last quarter. First Command Advisory Services Inc. increased its stake in Salesforce by 7.3% during the 1st quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider's stock valued at $154,000 after purchasing an additional 39 shares in the last quarter. Finally, Mendel Money Management increased its stake in Salesforce by 3.6% during the 1st quarter. Mendel Money Management now owns 1,112 shares of the CRM provider's stock valued at $298,000 after purchasing an additional 39 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Salesforce Stock Down 0.6%

Shares of CRM stock traded down $1.28 during trading on Tuesday, reaching $231.40. The company's stock had a trading volume of 13,176,549 shares, compared to its average volume of 6,272,324. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $221.22 billion, a price-to-earnings ratio of 36.21, a P/E/G ratio of 2.11 and a beta of 1.37. The stock's 50-day moving average price is $262.23 and its 200 day moving average price is $277.72. Salesforce Inc. has a 1-year low of $226.48 and a 1-year 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. The firm had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business's quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.44 earnings per share. On average, research analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.7%. Salesforce's payout ratio is 25.98%.

Analyst Ratings Changes

A number of research analysts have issued reports on CRM shares. Sanford C. Bernstein upped their price target on shares of Salesforce from $243.00 to $255.00 and gave the company an "underperform" rating in a research note on Thursday, May 29th. Mizuho lowered their price target 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. Cantor Fitzgerald downgraded shares of Salesforce from an "overweight" rating to a "cautious" rating in a report on Thursday, July 10th. UBS Group set a $404.00 price objective on shares of Salesforce and gave the company an "overweight" rating in a report on Wednesday, June 18th. Finally, Wells Fargo & Company increased their target price on shares of Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research report on Thursday, May 29th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Salesforce has a consensus 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.