Daymark Wealth Partners LLC lessened its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 59.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 71,056 shares of the CRM provider's stock after selling 103,866 shares during the quarter. Daymark Wealth Partners LLC's holdings in Salesforce were worth $19,069,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of CRM. Geode Capital Management LLC raised its holdings in Salesforce by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock valued at $6,656,078,000 after acquiring an additional 175,035 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Salesforce by 1.4% in the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock valued at $4,163,703,000 after purchasing an additional 177,321 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Salesforce by 18.3% in the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock valued at $3,752,830,000 after purchasing an additional 1,736,667 shares during the last quarter. Norges Bank acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $3,599,867,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Salesforce by 23.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock worth $2,988,422,000 after buying an additional 1,683,233 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.
Analyst Ratings Changes
Several research analysts have recently commented on the company. Canaccord Genuity Group reduced their price target on Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Mizuho reduced their target price on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a research note on Thursday, May 15th. Oppenheimer reissued an "outperform" rating and issued a $370.00 price target on shares of Salesforce in a research note on Tuesday, June 10th. Westpark Capital restated a "buy" rating and set a $320.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Finally, Macquarie reiterated a "neutral" rating and issued a $320.00 price objective on shares of Salesforce in a research report on Thursday, March 20th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $349.08.
View Our Latest Analysis on Salesforce
Insider Activity at Salesforce
In related news, insider R David Schmaier sold 6,959 shares of the stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the transaction, the insider now directly owns 36,090 shares of the company's stock, valued at $9,141,957.90. This trade represents a 16.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction 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 sale, the insider now owns 41,422 shares in the company, valued at $12,219,490. This represents a 13.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,284 shares of company stock valued at $6,996,762 over the last quarter. 3.20% of the stock is owned by insiders.
Salesforce Stock Up 1.0%
NYSE CRM traded up $2.74 during trading hours on Thursday, hitting $270.50. 6,668,207 shares of the company were exchanged, compared to its average volume of 6,518,108. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The firm has a market cap of $258.60 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 2.46 and a beta of 1.38. The company has a 50 day moving average of $269.39 and a two-hundred day moving average of $295.75. Salesforce Inc. has a 52-week low of $230.00 and a 52-week high of $369.00.
Salesforce (NYSE:CRM - Get Free Report) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same period in the prior year, the firm earned $2.44 earnings per share. The business's quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current year.
Salesforce Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be paid a dividend of $0.416 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce's payout ratio is currently 25.98%.
Salesforce Company Profile
(
Free Report)
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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