Gulf International Bank UK Ltd Trims Stock Position in Salesforce Inc. (NYSE:CRM)

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Salesforce Inc. by 27.4%, owning 55,049 shares worth approximately $14.77 million as of the last reporting period.
• Salesforce recently reported quarterly earnings of $2.58 per share, beating expectations, with revenues of $9.83 billion and a year-over-year growth of 7.6%.
• The average analyst rating for Salesforce is currently a "Moderate Buy", with a consensus price target of $348.16, reflecting optimism about the company's future performance.

Gulf International Bank UK Ltd reduced its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 27.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 55,049 shares of the CRM provider's stock after selling 20,802 shares during the quarter. Salesforce comprises about 0.5% of Gulf International Bank UK Ltd's portfolio, making the stock its 27th biggest position. Gulf International Bank UK Ltd's holdings in Salesforce were worth $14,772,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Bernard Wealth Management Corp. bought a new position in shares of Salesforce in the fourth quarter worth $25,000. Accredited Wealth Management LLC bought a new stake in Salesforce during the fourth quarter valued at $27,000. Capital A Wealth Management LLC boosted its stake in Salesforce by 450.0% during the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after buying an additional 90 shares during the period. CBIZ Investment Advisory Services LLC boosted its stake in Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after buying an additional 85 shares during the period. Finally, Abound Financial LLC bought a new stake in Salesforce during the first quarter valued at $31,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Performance

CRM traded down $3.67 during mid-day trading on Thursday, reaching $233.37. 7,533,200 shares of the company traded hands, compared to its average volume of 7,190,572. 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 $223.10 billion, a P/E ratio of 36.52, a P/E/G ratio of 2.10 and a beta of 1.37. Salesforce Inc. has a 52-week low of $226.48 and a 52-week high of $369.00. The company's fifty day moving average price is $261.72 and its 200-day moving average price is $277.44.

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. The company had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. Salesforce's quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.44 EPS. On average, sell-side analysts expect that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were given a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio is 25.98%.

Insiders Place Their Bets

In related news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $234.64, for a total value of $527,940.00. Following the sale, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at $2,794,931,019.44. This represents a 0.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 46,532 shares of company stock valued at $12,082,694. Corporate insiders own 3.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Morgan Stanley reissued an "overweight" rating and set a $404.00 price objective (up previously from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. BMO Capital Markets lowered their price target on Salesforce from $350.00 to $335.00 and set an "outperform" rating on the stock in a research report on Thursday, July 10th. DA Davidson restated an "underperform" rating and set a $200.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Erste Group Bank downgraded Salesforce from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. Finally, Canaccord Genuity Group lowered their price target on Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce has an average rating of "Moderate Buy" and a consensus price target of $346.84.

Salesforce 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.