Diamond Hill Capital Management Inc. Makes New $345.10 Million Investment in Salesforce Inc. (NYSE:CRM)

Diamond Hill Capital Management Inc. acquired a new position in Salesforce Inc. (NYSE:CRM - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,285,958 shares of the CRM provider's stock, valued at approximately $345,100,000. Salesforce comprises about 1.6% of Diamond Hill Capital Management Inc.'s investment portfolio, making the stock its 24th largest position. Diamond Hill Capital Management Inc. owned about 0.13% of Salesforce as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Seven Mile Advisory lifted its holdings in Salesforce by 2.3% during the 4th quarter. Seven Mile Advisory now owns 1,762 shares of the CRM provider's stock worth $589,000 after purchasing an additional 39 shares in the last quarter. Liberty One Investment Management LLC lifted its holdings in 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 purchasing an additional 39 shares in the last quarter. First Command Advisory Services Inc. lifted its holdings in Salesforce by 7.3% during the 1st quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider's stock worth $154,000 after purchasing an additional 39 shares in the last quarter. Clarity Wealth Advisors LLC lifted its holdings in Salesforce by 2.3% during the 1st quarter. Clarity Wealth Advisors LLC now owns 1,760 shares of the CRM provider's stock worth $472,000 after purchasing an additional 40 shares in the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its holdings in Salesforce by 5.2% during the 1st quarter. Mowery & Schoenfeld Wealth Management LLC now owns 812 shares of the CRM provider's stock worth $218,000 after purchasing an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Stock Performance

CRM stock traded up $1.41 during midday trading on Friday, reaching $269.11. The stock had a trading volume of 4,013,320 shares, compared to its average volume of 6,704,325. The stock has a market cap of $257.27 billion, a PE ratio of 42.11, a P/E/G ratio of 2.43 and a beta of 1.36. 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 firm has a fifty day simple moving average of $268.07 and a two-hundred day simple moving average of $284.27. 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 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 business had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company's revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the business posted $2.44 EPS. As a group, equities research analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were given a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $266.56, for a total value of $599,760.00. Following the sale, the chief executive officer directly owned 11,911,571 shares in the company, valued at approximately $3,175,148,365.76. The trade was a 0.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 33,479 shares of company stock worth $9,091,796. 3.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRM. Citigroup lowered their price target on Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a report on Monday, April 21st. Canaccord Genuity Group lowered 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. Westpark Capital reaffirmed a "buy" rating and issued a $320.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Finally, Cantor Fitzgerald lowered Salesforce from an "overweight" rating to a "cautious" rating in a research report on Thursday, July 10th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, Salesforce presently has a consensus rating of "Moderate Buy" and a consensus target price of $348.16.

About Salesforce

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.