FNY Investment Advisers LLC Buys New Position in Salesforce, Inc. (NYSE:CRM)

FNY Investment Advisers LLC bought a new stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,312 shares of the CRM provider's stock, valued at approximately $352,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CRM. Athena Investment Management acquired a new stake in Salesforce in the 4th quarter valued at about $236,000. Jag Capital Management LLC raised its position in 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 raised its position in Salesforce by 2.7% in the 4th quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider's stock valued at $9,146,000 after purchasing an additional 723 shares in the last quarter. Dash Acquisitions Inc. raised its position in Salesforce by 2.6% in the 4th quarter. Dash Acquisitions Inc. now owns 60,521 shares of the CRM provider's stock valued at $21,785,000 after purchasing an additional 1,525 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in Salesforce in the 4th quarter valued at about $823,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Salesforce news, insider Miguel Milano sold 705 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total transaction of $197,005.20. Following the completion of the sale, the insider now owns 9,323 shares in the company, valued at $2,605,219.12. This trade represents a 7.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the transaction, the chief accounting officer now owns 11,310 shares of the company's stock, valued at approximately $3,218,599.80. The trade was a 14.44% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,111 shares of company stock worth $9,299,283. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Stock Performance

NYSE CRM opened at $258.25 on Monday. Salesforce, Inc. has a fifty-two week low of $227.77 and a fifty-two week high of $369.00. The stock has a market cap of $246.89 billion, a price-to-earnings ratio of 42.48, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The business has a fifty day moving average of $268.09 and a 200-day moving average of $299.72. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.44 earnings per share. As a group, analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend 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 25.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Jefferies Financial Group reduced their price target on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Bank of America cut their target price on Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Wells Fargo & Company raised their target price on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 29th. Erste Group Bank lowered Salesforce from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. Finally, Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $346.34.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.