Goodman Advisory Group LLC Purchases Shares of 19,362 Salesforce Inc. (NYSE:CRM)

Goodman Advisory Group LLC purchased a new position in shares of Salesforce Inc. (NYSE:CRM - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 19,362 shares of the CRM provider's stock, valued at approximately $5,196,000. Salesforce comprises about 2.4% of Goodman Advisory Group LLC's portfolio, making the stock its 8th largest position.

Other institutional investors have also modified their holdings of the company. Athena Investment Management bought a new position in shares of Salesforce during the fourth quarter worth about $236,000. Jag Capital Management LLC grew its position in shares of Salesforce by 2,507.9% during the fourth quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider's stock worth $7,926,000 after acquiring an additional 22,797 shares during the last quarter. Atlantic Union Bankshares Corp lifted its holdings in Salesforce by 2.7% in the fourth quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider's stock worth $9,146,000 after purchasing an additional 723 shares during the period. Millstone Evans Group LLC acquired a new stake in Salesforce in the fourth quarter worth about $823,000. Finally, Heartland Bank & Trust Co lifted its holdings in Salesforce by 117.2% in the first quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider's stock worth $1,605,000 after purchasing an additional 3,227 shares during the period. Institutional investors own 80.43% of the company's stock.

Insider Activity

In related news, insider R David Schmaier sold 6,959 shares of the 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 $1,762,784.29. Following the transaction, the insider now owns 36,090 shares in the company, valued at approximately $9,141,957.90. This represents a 16.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Srinivas Tallapragada sold 6,697 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the completion of the transaction, the insider now owns 41,422 shares in the company, valued at $12,219,490. This represents a 13.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,284 shares of company stock worth $6,996,762 in the last 90 days. Company insiders own 3.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRM. Morgan Stanley reaffirmed an "overweight" rating and issued a $404.00 price objective (up previously from $393.00) on shares of Salesforce in a report on Thursday, May 29th. Stephens reduced their price objective on shares of Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Jefferies Financial Group reduced their price objective on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a report on Monday, March 31st. Northland Securities reduced their price objective on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Finally, Barclays reduced their price objective on shares of Salesforce from $425.00 to $347.00 and set an "overweight" rating for the company in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $349.08.

Salesforce Stock Up 0.7%

Shares of CRM traded up $1.98 during trading hours on Friday, reaching $272.72. The company's stock had a trading volume of 21,736,713 shares, compared to its average volume of 6,529,239. The firm has a market cap of $260.72 billion, a price-to-earnings ratio of 42.68, a P/E/G ratio of 2.48 and a beta of 1.38. 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. The company has a 50 day moving average of $270.38 and a two-hundred day moving average of $294.25.

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, beating analysts' consensus estimates of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.44 EPS. As a group, research analysts predict that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently announced 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 0.61%. Salesforce's dividend payout ratio is 25.98%.

Salesforce Company 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.