Edgestream Partners L.P. decreased its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 52.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,089 shares of the CRM provider's stock after selling 2,326 shares during the period. Edgestream Partners L.P.'s holdings in Salesforce were worth $561,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new stake in Salesforce in the 4th quarter valued at about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Salesforce by 926.4% during the fourth 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 last quarter. GAMMA Investing LLC increased its position in shares of Salesforce by 30,456.9% during the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock valued at $1,020,194,000 after acquiring an additional 3,789,147 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Salesforce by 42.5% in the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after acquiring an additional 2,325,156 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Salesforce by 18.3% during the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after purchasing an additional 1,736,667 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $260.92, for a total transaction of $587,070.00. Following the completion of the transaction, the chief executive officer owned 11,911,571 shares in the company, valued at approximately $3,107,967,105.32. This represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Miguel Milano sold 405 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $106,251.75. Following the completion of the sale, the insider owned 9,933 shares in the company, valued at $2,605,922.55. The trade was a 3.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,069 shares of company stock worth $9,698,893 in the last three months. 3.20% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on CRM shares. Barclays cut their price objective on Salesforce from $425.00 to $347.00 and set an "overweight" rating on the stock in a 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 research note on Wednesday, May 28th. Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Westpark Capital reiterated a "buy" rating and set a $320.00 target price on shares of Salesforce in a research report on Wednesday, May 28th. Finally, Jefferies Financial Group decreased their price target on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $348.16.
Check Out Our Latest Stock Report on CRM
Salesforce Trading Up 0.5%
Shares of NYSE:CRM traded up $1.21 during trading on Tuesday, reaching $263.49. The stock had a trading volume of 2,506,643 shares, compared to its average volume of 6,548,950. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00. The business has a fifty day moving average price of $270.45 and a 200-day moving average price of $285.85. The stock has a market cap of $251.90 billion, a P/E ratio of 41.25, a PEG ratio of 2.38 and a beta of 1.36. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same period in the prior year, the firm posted $2.44 earnings per share. The firm's revenue was up 7.6% on a year-over-year basis. As a group, analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.
Salesforce Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were paid a dividend of $0.416 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.63%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.
Salesforce Company Profile
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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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