Commonwealth Equity Services LLC Raises Stock Holdings in Salesforce Inc. (NYSE:CRM)

Key Points

• Commonwealth Equity Services LLC increased its position in Salesforce Inc. by 4.1%, now owning 334,028 shares worth approximately $89.64 million.
• Recent analyses from multiple equity firms set varying target prices for Salesforce, with Goldman Sachs raising it to $385.00 and the consensus average target at $348.16.
• Salesforce recently paid a quarterly dividend of $0.416 per share, representing an annualized yield of 0.7% and a payout ratio of 25.98%.

Commonwealth Equity Services LLC increased its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 4.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 334,028 shares of the CRM provider's stock after purchasing an additional 13,213 shares during the period. Commonwealth Equity Services LLC's holdings in Salesforce were worth $89,640,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Notis McConarty Edward increased its position 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 purchasing an additional 1,604 shares during the last quarter. Alecta Tjanstepension Omsesidigt boosted its stake in Salesforce by 121.9% during the 1st quarter. Alecta Tjanstepension Omsesidigt now owns 355,000 shares of the CRM provider's stock valued at $95,222,000 after purchasing an additional 195,000 shares during the period. Delaney Dennis R boosted its position in Salesforce by 66.1% during the 1st quarter. Delaney Dennis R now owns 5,694 shares of the CRM provider's stock worth $1,528,000 after acquiring an additional 2,266 shares during the period. Journey Strategic Wealth LLC lifted its stake in shares of 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 period. Finally, Mathes Company Inc. lifted its holdings in shares of Salesforce by 396.9% in the first quarter. Mathes Company Inc. now owns 12,298 shares of the CRM provider's stock valued at $3,300,000 after buying an additional 9,823 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $251.94, for a total transaction of $566,865.00. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at $3,001,001,197.74. This trade represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 41,979 shares of company stock valued at $11,330,746. Corporate insiders own 3.20% of the company's stock.

Salesforce Stock Down 1.0%

CRM stock traded down $2.47 during trading on Tuesday, reaching $249.85. 1,559,586 shares of the company traded hands, compared to its average volume of 7,043,186. The company has a market capitalization of $238.86 billion, a price-to-earnings ratio of 39.08, a price-to-earnings-growth ratio of 2.28 and a beta of 1.37. Salesforce Inc. has a 12 month low of $230.00 and a 12 month high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The business has a 50 day simple moving average of $265.62 and a 200 day simple moving average of $281.14.

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 (EPS) for the quarter, topping the consensus estimate 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 return on equity of 12.94% and a net margin of 16.08%. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the business posted $2.44 earnings per share. On average, equities research analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were paid a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.7%. Salesforce's dividend payout ratio is 25.98%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRM. Cantor Fitzgerald lowered Salesforce from an "overweight" rating to a "cautious" rating in a report on Thursday, July 10th. Needham & Company LLC reissued a "buy" rating and issued a $400.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. Morgan Stanley reiterated an "overweight" rating and issued a $404.00 price target (up previously from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. Canaccord Genuity Group cut their target price on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Finally, Wells Fargo & Company increased their price objective on shares of Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 29th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have assigned a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target 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.