Salesforce Inc. (NYSE:CRM) Shares Sold by Generate Investment Management Ltd

Generate Investment Management Ltd trimmed its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 21.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 57,027 shares of the CRM provider's stock after selling 15,789 shares during the quarter. Generate Investment Management Ltd's holdings in Salesforce were worth $15,304,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Athena Investment Management purchased a new position in Salesforce in the 4th quarter valued at about $236,000. Jag Capital Management LLC raised its position in shares of Salesforce by 2,507.9% in the fourth quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider's stock valued at $7,926,000 after buying an additional 22,797 shares during the last quarter. Atlantic Union Bankshares Corp lifted its stake in shares of 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 during the period. Millstone Evans Group LLC purchased a new stake in Salesforce in the 4th quarter worth approximately $823,000. Finally, Heartland Bank & Trust Co raised its holdings in Salesforce by 117.2% in the 1st quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider's stock valued at $1,605,000 after acquiring an additional 3,227 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 1,256 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total value of $318,157.36. Following the completion of the sale, the chief accounting officer now directly owns 12,826 shares in the company, valued at $3,248,954.06. This represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Miguel Milano sold 405 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $106,251.75. Following the transaction, the insider now directly owns 9,933 shares of the company's stock, valued at approximately $2,605,922.55. The trade was a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,284 shares of company stock worth $6,996,762. 3.20% of the stock is owned by corporate insiders.

Salesforce Stock Performance

NYSE:CRM traded up $2.74 during trading hours on Thursday, reaching $270.50. 6,668,207 shares of the stock were exchanged, compared to its average volume of 6,518,108. Salesforce Inc. has a 52 week low of $230.00 and a 52 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 stock has a market capitalization of $258.60 billion, a P/E ratio of 42.33, a P/E/G ratio of 2.43 and a beta of 1.38. The firm has a 50 day simple moving average of $269.39 and a 200-day simple moving average of $295.75.

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 analysts' consensus estimates of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm's revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.44 earnings per share. As a group, sell-side analysts forecast 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 will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be paid a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce's dividend payout ratio is currently 25.98%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Needham & Company LLC restated a "buy" rating and set a $400.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Cantor Fitzgerald reiterated an "overweight" rating and set a $325.00 price objective on shares of Salesforce in a report on Thursday. Canaccord Genuity Group lowered their target price on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Jefferies Financial Group cut their price target on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Finally, Stephens dropped their price objective on Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $349.08.

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.