Howard Capital Management Inc. Increases Stock Holdings in Salesforce Inc. (NYSE:CRM)

Key Points

• Howard Capital Management Inc. increased its holdings in Salesforce Inc. by 42.6% during the first quarter, acquiring an additional 2,681 shares and raising its total to 8,971 shares, valued at approximately $2.4 million.
• Salesforce reported a quarterly EPS of $2.58, beating analysts' estimates of $2.55, and achieved a revenue of $9.83 billion, surpassing the expected $9.74 billion.
• Salesforce's latest dividend payout was $0.416 per share, resulting in an annualized yield of 0.62%, with a current dividend payout ratio of 25.98%.

Howard Capital Management Inc. increased its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 42.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,971 shares of the CRM provider's stock after purchasing an additional 2,681 shares during the quarter. Howard Capital Management Inc.'s holdings in Salesforce were worth $2,407,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bernard Wealth Management Corp. bought a new position in Salesforce in the 4th quarter worth about $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce during the fourth quarter valued at $27,000. Capital A Wealth Management LLC increased its position in Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after buying an additional 90 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its position in shares of Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after purchasing an additional 85 shares in the last quarter. Finally, Abound Financial LLC bought a new stake in shares of Salesforce in the 1st quarter valued at approximately $31,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Stock Down 1.0%

Shares of Salesforce stock traded down $2.65 on Wednesday, hitting $264.74. 3,913,122 shares of the company traded hands, compared to its average volume of 5,561,630. The company has a 50-day moving average price of $266.97 and a 200 day moving average price of $283.11. 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 Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The company has a market cap of $253.09 billion, a PE ratio of 41.43, a PEG ratio of 2.43 and a beta of 1.36.

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

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's payout ratio is 25.98%.

Insider Activity at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $269.11, for a total value of $605,497.50. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at approximately $3,205,522,871.81. The trade was a 0.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 37,979 shares of company stock worth $10,303,399. Insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

CRM has been the subject of a number of research analyst reports. Westpark Capital reaffirmed a "buy" rating and set a $320.00 target price on shares of Salesforce in a research report on Wednesday, May 28th. Northland Securities decreased their price target on Salesforce from $423.00 to $396.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. UBS Group set a $404.00 target price on Salesforce and gave the stock an "overweight" rating in a research report on Wednesday, June 18th. Stephens dropped their price target on Salesforce from $311.00 to $309.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Finally, Piper Sandler upped their target price on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research note on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $348.16.

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.