Salesforce Inc. (NYSE:CRM) Stake Boosted by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC raised its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 156.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,317 shares of the CRM provider's stock after purchasing an additional 6,290 shares during the quarter. Exchange Traded Concepts LLC's holdings in Salesforce were worth $2,769,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CRM. Athena Investment Management acquired a new position in shares of Salesforce in the 4th quarter valued at about $236,000. Jag Capital Management LLC lifted its stake in shares of Salesforce by 2,507.9% in the 4th quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider's stock valued at $7,926,000 after purchasing an additional 22,797 shares in the last quarter. Atlantic Union Bankshares Corp lifted its position in Salesforce by 2.7% during the fourth quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider's stock valued at $9,146,000 after buying an additional 723 shares in the last quarter. Dash Acquisitions Inc. lifted its position in Salesforce by 2.6% during the fourth quarter. Dash Acquisitions Inc. now owns 60,521 shares of the CRM provider's stock valued at $21,785,000 after buying an additional 1,525 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Salesforce during the fourth quarter valued at approximately $823,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Stock Performance

NYSE CRM traded down $3.78 during trading hours on Wednesday, hitting $258.98. The company had a trading volume of 7,623,720 shares, compared to its average volume of 6,535,519. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $268.43 and a 200-day simple moving average of $299.00. The firm has a market cap of $247.59 billion, a P/E ratio of 40.53, a price-to-earnings-growth ratio of 2.38 and a beta of 1.38.

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

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a dividend of $0.416 per share. 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 dividend payout ratio (DPR) is 25.98%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRM. Sanford C. Bernstein lifted their target price on shares of Salesforce from $243.00 to $255.00 and gave the company an "underperform" rating in a report on Thursday, May 29th. DA Davidson restated an "underperform" rating and set a $200.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Northland Securities reduced their price objective on Salesforce from $423.00 to $396.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Canaccord Genuity Group reduced their price target on Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Finally, Wells Fargo & Company boosted their price target on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research report 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $346.34.

Insider Buying and Selling at Salesforce

In related news, insider R David Schmaier sold 6,959 shares of Salesforce stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the transaction, the insider now directly owns 36,090 shares of the company's stock, valued at $9,141,957.90. The trade was a 16.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. In 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.

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.