Envestnet Portfolio Solutions Inc. Lowers Stock Holdings in Salesforce Inc. (NYSE:CRM)

Envestnet Portfolio Solutions Inc. trimmed its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 35.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,725 shares of the CRM provider's stock after selling 22,112 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Salesforce were worth $10,929,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Salesforce in the 4th quarter valued at about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Salesforce by 926.4% in the 4th 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 buying an additional 3,841,521 shares during the period. GAMMA Investing LLC boosted its stake in shares of Salesforce by 30,456.9% in the 1st quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock valued at $1,020,194,000 after buying an additional 3,789,147 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Salesforce in the 4th quarter valued at about $1,173,564,000. Finally, Invesco Ltd. boosted its stake 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 valued at $2,604,770,000 after buying an additional 2,325,156 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Trading Down 1.4%

NYSE:CRM opened at $258.98 on Friday. The firm has a market cap of $247.59 billion, a P/E ratio of 40.53, a PEG ratio of 2.35 and a beta of 1.38. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The stock's 50 day simple moving average is $268.39 and its 200-day simple moving average is $298.23. Salesforce Inc. has a 12-month low of $230.00 and a 12-month 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 (EPS) for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion for 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 for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.44 earnings per share. Equities analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date is Wednesday, June 18th. Salesforce's payout ratio is currently 25.98%.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce 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 sale, the chief accounting officer now directly owns 11,310 shares in the company, valued at $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the completion of the sale, the insider now owns 41,422 shares in the company, valued at approximately $12,219,490. This trade represents a 13.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,111 shares of company stock valued at $9,299,283. Company insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lifted their price objective on Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research note on Thursday, May 29th. Piper Sandler lifted their price objective on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research note on Wednesday, May 28th. Guggenheim upgraded Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Stifel Nicolaus decreased their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, Jefferies Financial Group decreased their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Two equities 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $349.08.

Salesforce Company 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.

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