EverSource Wealth Advisors LLC Buys 1,082 Shares of Salesforce Inc. (NYSE:CRM)

Key Points

• EverSource Wealth Advisors LLC has increased its stake in Salesforce Inc. by 14.6%, now holding a total of 8,510 shares valued at approximately $2.28 million.
• CEO Marc Benioff sold 2,250 shares of Salesforce at an average price of $260.30, reducing his ownership slightly while still holding over 11.9 million shares.
• Salesforce recently reported earnings per share (EPS) of $2.58, exceeding estimates, with quarterly revenue of $9.83 billion, marking a 7.6% year-over-year increase.

EverSource Wealth Advisors LLC increased its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 14.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 8,510 shares of the CRM provider's stock after buying an additional 1,082 shares during the period. EverSource Wealth Advisors LLC's holdings in Salesforce were worth $2,284,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of CRM. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce during the 4th quarter worth about $25,000. Accredited Wealth Management LLC bought a new stake in shares of Salesforce during the 4th quarter worth about $27,000. Capital A Wealth Management LLC boosted its holdings in shares of Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after buying an additional 90 shares during the period. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Salesforce by 314.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after buying an additional 85 shares during the period. Finally, Abound Financial LLC bought a new stake in shares of Salesforce during the 1st quarter worth about $31,000. Institutional investors own 80.43% of the company's stock.

Insider Activity

In other news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction on Monday, July 14th. The shares were sold at an average price of $260.30, for a total transaction of $585,675.00. Following the completion of the sale, the chief executive officer directly owned 11,955,566 shares in the company, valued at $3,112,033,829.80. This represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 46,532 shares of company stock worth $12,082,694 over the last ninety days. 3.00% of the stock is currently owned by company insiders.

Salesforce Price Performance

CRM stock opened at $242.78 on Friday. The company has a fifty day moving average price of $260.41 and a 200-day moving average price of $275.84. The company has a market capitalization of $232.10 billion, a P/E ratio of 37.99, a PEG ratio of 2.12 and a beta of 1.37. Salesforce Inc. has a 52-week low of $226.48 and a 52-week high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The company's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.44 earnings per share. As a group, equities analysts expect that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were paid a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.7%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. BMO Capital Markets dropped their price objective on shares of Salesforce from $350.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, July 10th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $275.00 price objective on shares of Salesforce in a research note on Monday, July 14th. Stifel Nicolaus dropped their price objective on shares of Salesforce from $375.00 to $325.00 and set a "buy" rating for the company in a research note on Wednesday. Mizuho dropped their price objective on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a research note on Thursday, May 15th. Finally, Citigroup dropped their price objective on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $347.50.

Salesforce 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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