Elevation Point Wealth Partners LLC reduced its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 77.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,552 shares of the CRM provider's stock after selling 12,394 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Salesforce were worth $953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. West Branch Capital LLC increased its position in Salesforce by 39.0% during the first quarter. West Branch Capital LLC now owns 5,871 shares of the CRM provider's stock valued at $1,576,000 after acquiring an additional 1,648 shares during the last quarter. Salem Investment Counselors Inc. grew its position in shares of Salesforce by 1.7% during the first quarter. Salem Investment Counselors Inc. now owns 4,057 shares of the CRM provider's stock worth $1,089,000 after purchasing an additional 68 shares in the last quarter. Argus Investors Counsel Inc. grew its position in shares of Salesforce by 1.5% during the first quarter. Argus Investors Counsel Inc. now owns 4,783 shares of the CRM provider's stock worth $1,284,000 after purchasing an additional 71 shares in the last quarter. Everhart Financial Group Inc. grew its position in shares of Salesforce by 6.3% during the first quarter. Everhart Financial Group Inc. now owns 6,114 shares of the CRM provider's stock worth $1,641,000 after purchasing an additional 363 shares in the last quarter. Finally, Folger Nolan Fleming Douglas Capital Management Inc. grew its position in shares of Salesforce by 0.8% during the first quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 7,830 shares of the CRM provider's stock worth $2,101,000 after purchasing an additional 65 shares in the last quarter. 80.43% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
CRM has been the subject of several research analyst reports. Bank of America cut their price target on Salesforce from $440.00 to $400.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Morgan Stanley restated an "overweight" rating and set a $404.00 price target (up previously from $393.00) on shares of Salesforce in a report on Thursday, May 29th. Loop Capital cut their price target on Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a report on Thursday, February 27th. Citigroup lowered their price objective on Salesforce from $320.00 to $295.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Finally, Sanford C. Bernstein raised their price target on Salesforce from $243.00 to $255.00 and gave the stock an "underperform" rating in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $346.34.
Check Out Our Latest Analysis on Salesforce
Salesforce Price Performance
NYSE CRM traded down $8.66 during trading hours on Friday, reaching $258.25. The company's stock had a trading volume of 7,647,008 shares, compared to its average volume of 6,536,741. The firm has a market capitalization of $246.89 billion, a price-to-earnings ratio of 42.48, a P/E/G ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 1-year low of $227.77 and a 1-year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company's 50-day moving average is $268.09 and its two-hundred day moving average is $299.93.
Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same quarter in the prior year, the firm earned $2.44 earnings per share. The business's revenue was up 7.6% compared to the same quarter last year. On average, equities analysts predict that Salesforce, Inc. will post 7.46 EPS for the current year.
Salesforce Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.64%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.
Insider Activity
In related news, CAO Sundeep G. Reddy sold 1,909 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the transaction, the chief accounting officer now directly owns 11,310 shares in the company, valued at approximately $3,218,599.80. This represents a 14.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Srinivas Tallapragada sold 6,697 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the transaction, the insider now owns 41,422 shares of the company's stock, valued at approximately $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 sold 40,332 shares of company stock worth $11,024,802 over the last ninety days. Corporate insiders own 3.20% of the company's stock.
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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