Evolution Wealth Advisors LLC Invests $3.33 Million in Salesforce Inc. (NYSE:CRM)

Key Points

• Evolution Wealth Advisors LLC invested approximately $3.33 million for 12,410 shares of Salesforce Inc. (NYSE:CRM) during the first quarter, marking a significant addition to its portfolio.
• Salesforce's quarterly earnings exceeded expectations with an EPS of $2.58, while revenue reached $9.83 billion, up 7.6% year-over-year.
• Currently, Salesforce has an average analyst rating of "Moderate Buy" with an average target price of $348.16, contrasting with several recent downgrades from various analysts.

Evolution Wealth Advisors LLC purchased a new stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,410 shares of the CRM provider's stock, valued at approximately $3,330,000.

Other large investors have also made changes to their positions in the company. Bernard Wealth Management Corp. acquired a new stake in Salesforce in the fourth quarter worth $25,000. Accredited Wealth Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at $27,000. Capital A Wealth Management LLC increased its position in shares of Salesforce by 450.0% in the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after buying an additional 90 shares in the last quarter. CBIZ Investment Advisory Services LLC raised its stake in 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 position in Salesforce during the first quarter worth about $31,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Stock Down 3.4%

Shares of CRM traded down $8.54 during trading hours on Thursday, hitting $240.63. The company had a trading volume of 9,997,676 shares, compared to its average volume of 5,834,085. The stock has a market capitalization of $230.04 billion, a price-to-earnings ratio of 37.66, a P/E/G ratio of 2.26 and a beta of 1.37. The firm has a fifty day moving average price of $263.97 and a 200-day moving average price of $280.10. Salesforce Inc. has a 52-week low of $230.00 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 for the quarter, beating 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 firm had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. During the same period in the prior year, the firm earned $2.44 EPS. The company's revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts forecast that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. JMP Securities reiterated a "market outperform" rating and issued a $430.00 price objective on shares of Salesforce in a research report on Friday, July 11th. Northland Securities reduced their price target on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Royal Bank Of Canada restated a "sector perform" rating and set a $275.00 price objective on shares of Salesforce in a report on Monday, July 14th. Cantor Fitzgerald cut shares of Salesforce from an "overweight" rating to a "cautious" rating in a research report on Thursday, July 10th. Finally, Barclays lowered their target price on Salesforce from $425.00 to $347.00 and set an "overweight" rating for the company in a report on Thursday, May 29th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $348.16.

Insider Buying and Selling

In related news, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction dated 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 sale, the insider directly owned 41,422 shares in the company, valued at approximately $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $259.67, for a total value of $584,257.50. Following the sale, the chief executive officer directly owned 11,955,566 shares in the company, valued at $3,104,501,823.22. This trade represents a 0.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,479 shares of company stock worth $12,457,591. 3.20% of the stock is owned by insiders.

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.