Global Wealth Management Investment Advisory Inc. Buys 1,051 Shares of Salesforce Inc. (NYSE:CRM)

Global Wealth Management Investment Advisory Inc. lifted its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 11.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,121 shares of the CRM provider's stock after purchasing an additional 1,051 shares during the period. Global Wealth Management Investment Advisory Inc.'s holdings in Salesforce were worth $2,716,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Bernard Wealth Management Corp. purchased a new position in Salesforce during the fourth quarter worth $25,000. Accredited Wealth Management LLC acquired a new position in Salesforce in the 4th quarter valued at about $27,000. Wood Tarver Financial Group LLC purchased a new position in Salesforce in the 4th quarter valued at about $35,000. VSM Wealth Advisory LLC acquired a new stake in shares of Salesforce during the 4th quarter worth about $45,000. Finally, Vermillion Wealth Management Inc. grew its holdings in shares of Salesforce by 138.9% during the first quarter. Vermillion Wealth Management Inc. now owns 172 shares of the CRM provider's stock worth $46,000 after buying an additional 100 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Trading Up 0.9%

Shares of NYSE CRM traded up $2.37 during mid-day trading on Friday, hitting $271.58. 5,031,804 shares of the company traded hands, compared to its average volume of 6,543,873. The business has a 50 day moving average of $272.21 and a two-hundred day moving average of $292.32. The stock has a market capitalization of $259.63 billion, a price-to-earnings ratio of 42.50, a PEG ratio of 2.47 and a beta of 1.36. Salesforce Inc. has a 1 year low of $230.00 and a 1 year 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.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data 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 net margin of 16.08% and a return on equity of 12.94%. 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 previous year, the company posted $2.44 EPS. The company's quarterly revenue was up 7.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.61%. Salesforce's payout ratio is 25.98%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $400.00 target price on shares of Salesforce in a research report on Wednesday, May 28th. Barclays reduced their price target on Salesforce from $425.00 to $347.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. The Goldman Sachs Group upped their target price on Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Wells Fargo & Company lifted their price target on Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a report on Thursday, May 29th. Finally, Stephens dropped their price objective on shares of Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $349.08.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 261 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $68,473.35. Following the completion of the sale, the chief accounting officer directly owned 12,024 shares in the company, valued at approximately $3,154,496.40. This trade represents a 2.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Miguel Milano sold 405 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $106,251.75. Following the completion of the transaction, the insider owned 9,933 shares in the company, valued at $2,605,922.55. This trade represents a 3.92% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,534 shares of company stock worth $7,609,842. 3.20% of the stock is currently owned by company 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.