Cullinan Associates Inc. Lowers Stock Holdings in Salesforce Inc. $CRM

Key Points

• Cullinan Associates Inc. has reduced its holdings in Salesforce Inc. by 6.6%, owning 17,600 shares valued at approximately $4.8 million at the end of the reporting period.
• Salesforce's recent quarterly earnings exceeded expectations, reporting $2.91 EPS on revenue of $10.24 billion, which represents a year-over-year increase of 9.8%.
• The company announced a quarterly dividend of $0.416 per share, with a yield of 0.7%, set to be paid on October 9th.

Cullinan Associates Inc. lowered its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 6.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,600 shares of the CRM provider's stock after selling 1,246 shares during the quarter. Cullinan Associates Inc.'s holdings in Salesforce were worth $4,799,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Coign Capital Advisors LLC boosted its position in Salesforce by 1.7% during the first quarter. Coign Capital Advisors LLC now owns 2,183 shares of the CRM provider's stock worth $586,000 after purchasing an additional 37 shares in the last quarter. Staley Capital Advisers Inc. boosted its position in Salesforce by 1.1% during the first quarter. Staley Capital Advisers Inc. now owns 3,343 shares of the CRM provider's stock worth $897,000 after purchasing an additional 38 shares in the last quarter. KDT Advisors LLC boosted its position in Salesforce by 4.1% during the first quarter. KDT Advisors LLC now owns 967 shares of the CRM provider's stock worth $260,000 after purchasing an additional 38 shares in the last quarter. Liberty One Investment Management LLC lifted its position in shares of Salesforce by 1.2% in the first quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider's stock valued at $849,000 after acquiring an additional 39 shares in the last quarter. Finally, First Command Advisory Services Inc. lifted its position in shares of Salesforce by 7.3% in the first quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider's stock valued at $154,000 after acquiring an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Price Performance

NYSE:CRM opened at $240.25 on Monday. Salesforce Inc. has a one year low of $226.48 and a one year high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $228.72 billion, a PE ratio of 34.92, a P/E/G ratio of 2.08 and a beta of 1.19. The stock has a 50 day moving average price of $246.66 and a 200 day moving average price of $260.05.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings results on Wednesday, September 3rd. The CRM provider reported $2.91 EPS for the quarter, beating the consensus estimate of $2.78 by $0.13. Salesforce had a return on equity of 13.27% and a net margin of 16.87%.The firm had revenue of $10.24 billion during the quarter, compared to analysts' expectations of $10.14 billion. During the same quarter last year, the firm earned $2.56 earnings per share. The business's revenue for the quarter was up 9.8% on a year-over-year basis. Salesforce has set its FY 2026 guidance at 11.330-11.370 EPS. Q3 2026 guidance at 2.840-2.860 EPS. Equities research analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Wednesday, September 17th will be paid a dividend of $0.416 per share. The ex-dividend date of this dividend is Wednesday, September 17th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce's dividend payout ratio (DPR) is 24.13%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CRM shares. BMO Capital Markets decreased their target price on Salesforce from $335.00 to $280.00 and set an "outperform" rating on the stock in a research report on Thursday, September 4th. Piper Sandler decreased their target price on Salesforce from $335.00 to $315.00 and set an "overweight" rating on the stock in a research report on Thursday, September 4th. Stifel Nicolaus decreased their target price on Salesforce from $375.00 to $325.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th. Weiss Ratings restated a "hold (c+)" rating on shares of Salesforce in a research report on Saturday, September 27th. Finally, UBS Group decreased their target price on Salesforce from $300.00 to $260.00 and set a "neutral" rating on the stock in a research report on Monday, August 18th. Twenty-six research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $332.58.

Insider Buying and Selling at Salesforce

In other Salesforce news, Director David Blair Kirk bought 3,400 shares of the business's stock in a transaction on Tuesday, September 9th. The stock was bought at an average price of $254.66 per share, with a total value of $865,844.00. Following the completion of the purchase, the director directly owned 3,824 shares in the company, valued at $973,819.84. The trade was a 801.89% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $236.38, for a total value of $531,855.00. Following the sale, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at approximately $2,815,657,152.98. This trade represents a 0.02% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,750 shares of company stock valued at $19,747,868. 3.00% of the stock is owned by insiders.

Salesforce 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.

Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce Inc. (NYSE:CRM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.