Colonial River Investments LLC Sells 991 Shares of Salesforce Inc. (NYSE:CRM)

Colonial River Investments LLC trimmed its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 39.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,520 shares of the CRM provider's stock after selling 991 shares during the quarter. Colonial River Investments LLC's holdings in Salesforce were worth $408,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Salesforce during the fourth quarter valued at about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Salesforce by 926.4% during 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 valued at $1,422,979,000 after acquiring an additional 3,841,521 shares during the period. GAMMA Investing LLC grew its position in Salesforce by 30,456.9% during the 1st quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock worth $1,020,194,000 after acquiring an additional 3,789,147 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Salesforce in the 4th quarter worth approximately $1,173,564,000. Finally, Invesco Ltd. lifted its position in Salesforce by 42.5% in the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock valued at $2,604,770,000 after purchasing an additional 2,325,156 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Stock Up 0.7%

CRM stock opened at $272.72 on Friday. The stock has a market capitalization of $260.72 billion, a P/E ratio of 42.68, a P/E/G ratio of 2.48 and a beta of 1.38. 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 business has a fifty day moving average price of $270.38 and a 200-day moving average price of $294.25.

Salesforce (NYSE:CRM - Get Free Report) last released 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 the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. Salesforce's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the company earned $2.44 EPS. Equities analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be issued a $0.416 dividend. This represents a $1.66 annualized dividend and a yield of 0.61%. The ex-dividend date is Wednesday, June 18th. Salesforce's dividend payout ratio is currently 25.98%.

Analyst Upgrades and Downgrades

CRM has been the topic of several recent analyst reports. Scotiabank cut their target price on shares of Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a report on Monday, March 17th. Mizuho cut 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. Wells Fargo & Company boosted their price objective 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. Needham & Company LLC reiterated a "buy" rating and set a $400.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Finally, Barclays cut their target price on Salesforce from $425.00 to $347.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $349.08.

Insiders Place Their Bets

In related news, insider Miguel Milano sold 405 shares of Salesforce stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $106,251.75. Following the completion of the sale, the insider now owns 9,933 shares of the company's stock, valued at $2,605,922.55. The trade was a 3.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Srinivas Tallapragada sold 6,697 shares of the company'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 sale, the insider now owns 41,422 shares of the company's stock, valued at approximately $12,219,490. This trade represents a 13.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,284 shares of company stock valued at $6,996,762. Company insiders own 3.20% of the company's stock.

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.

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