Geneos Wealth Management Inc. Grows Stock Position in Salesforce Inc. (NYSE:CRM)

Key Points

• Geneos Wealth Management Inc. has increased its stake in Salesforce Inc. by 55.7%, acquiring an additional 7,881 shares, bringing its total holdings to 22,025 shares valued at approximately $5.91 million.
• Salesforce recently reported quarterly earnings of $2.58 EPS, exceeding estimates, with revenues of $9.83 billion, reflecting a growth rate of 7.6% compared to the previous year.
• The stock is currently rated as a "Moderate Buy" with an average target price of $348.16, while institutional investors hold 80.43% of the company’s shares.

Geneos Wealth Management Inc. raised its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 55.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,025 shares of the CRM provider's stock after buying an additional 7,881 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Salesforce were worth $5,911,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CRM. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce during the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce in the fourth quarter worth $27,000. Wood Tarver Financial Group LLC purchased a new stake in Salesforce in the fourth quarter worth $35,000. Capital A Wealth Management LLC lifted its stake in Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after acquiring an additional 90 shares during the period. Finally, CBIZ Investment Advisory Services LLC lifted its stake in Salesforce by 314.8% in the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after acquiring an additional 85 shares during the period. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Stock Down 1.0%

Shares of CRM stock traded down $2.65 during mid-day trading on Wednesday, hitting $264.74. The stock had a trading volume of 3,913,122 shares, compared to its average volume of 5,561,630. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The firm has a market capitalization of $253.09 billion, a P/E ratio of 41.43, a price-to-earnings-growth ratio of 2.43 and a beta of 1.36. The firm's 50-day moving average is $266.97 and its two-hundred day moving average is $283.11. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07.

Salesforce (NYSE:CRM - Get Free Report) last issued its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping 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 business had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same period in the prior year, the business earned $2.44 EPS. The business's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, analysts predict that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is currently 25.98%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRM. Cantor Fitzgerald lowered Salesforce from an "overweight" rating to a "cautious" rating in a research note on Thursday, July 10th. Oppenheimer reiterated an "outperform" rating and issued a $370.00 price objective on shares of Salesforce in a report on Tuesday, June 10th. UBS Group set a $404.00 price objective on Salesforce and gave the stock an "overweight" rating in a report on Wednesday, June 18th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $275.00 price objective on shares of Salesforce in a report on Monday, July 14th. Finally, The Goldman Sachs Group increased their price objective on Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $348.16.

Insider Buying and Selling at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $269.11, for a total transaction of $605,497.50. Following the completion of the sale, the chief executive officer directly owned 11,911,571 shares in the company, valued at $3,205,522,871.81. This represents a 0.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In the last three months, insiders sold 37,979 shares of company stock worth $10,303,399. Corporate insiders own 3.20% of the company's stock.

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.