Hohimer Wealth Management LLC Reduces Stake in Salesforce Inc. (NYSE:CRM)

Hohimer Wealth Management LLC cut its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 77.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,141 shares of the CRM provider's stock after selling 3,825 shares during the quarter. Hohimer Wealth Management LLC's holdings in Salesforce were worth $306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of CRM. Bernard Wealth Management Corp. purchased a new stake in Salesforce in the fourth quarter worth about $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce in the fourth quarter worth about $27,000. Abound Financial LLC purchased a new stake in Salesforce in the first quarter worth about $31,000. Wood Tarver Financial Group LLC purchased a new stake in Salesforce in the fourth quarter worth about $35,000. Finally, VSM Wealth Advisory LLC purchased a new stake in Salesforce in the fourth quarter worth about $45,000. 80.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group lowered their target price 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. UBS Group set a $404.00 target price on shares of Salesforce and gave the company an "overweight" rating in a report on Wednesday, June 18th. Westpark Capital reiterated a "buy" rating and set a $320.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Citigroup lowered their target price on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Finally, Macquarie reiterated a "neutral" rating and set a $320.00 target price on shares of Salesforce in a report on Thursday, March 20th. Three equities research 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $348.16.

Salesforce Stock Performance

Shares of NYSE:CRM traded up $0.26 during midday trading on Wednesday, hitting $257.84. The company had a trading volume of 5,646,683 shares, compared to its average volume of 6,554,530. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $246.49 billion, a price-to-earnings ratio of 40.35, a PEG ratio of 2.33 and a beta of 1.36. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The company has a fifty day moving average of $271.11 and a two-hundred day moving average of $287.52.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. Salesforce's revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.44 EPS. On average, equities research analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.65%. Salesforce's dividend payout ratio is presently 25.98%.

Insiders Place Their Bets

In other news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $272.48, for a total transaction of $613,080.00. Following the completion of the transaction, the chief executive officer owned 11,862,457 shares in the company, valued at $3,232,282,283.36. This trade represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 1,525 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $253.66, for a total value of $386,831.50. Following the transaction, the chief accounting officer owned 12,211 shares of the company's stock, valued at approximately $3,097,442.26. The trade was a 11.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,569 shares of company stock valued at $8,533,528 over the last three months. Insiders own 3.20% of the company's stock.

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.