Salesforce Inc. $CRM Shares Acquired by Ieq Capital LLC

Key Points

• Ieq Capital LLC increased its holdings in Salesforce Inc. by 14.3% in the first quarter, acquiring an additional 46,003 shares, which brings their total to 366,862 shares valued at approximately $98.45 million.
• Major institutional investors, including Vanguard Group and Goldman Sachs, have also raised their stakes in Salesforce, indicating a strong continued interest in the company by hedge funds.
• Salesforce's earnings report highlighted an EPS of $2.58, exceeding estimates, with quarterly revenue reaching $9.83 billion, marking a year-over-year increase of 7.6%.

Ieq Capital LLC boosted its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 14.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 366,862 shares of the CRM provider's stock after buying an additional 46,003 shares during the period. Salesforce accounts for approximately 0.8% of Ieq Capital LLC's investment portfolio, making the stock its 22nd largest holding. Ieq Capital LLC's holdings in Salesforce were worth $98,451,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. acquired a new stake in Salesforce in the fourth quarter worth $25,000. Accredited Wealth Management LLC bought a new position in Salesforce in the 4th quarter worth approximately $27,000. Capital A Wealth Management LLC grew its holdings in Salesforce by 450.0% in the 1st 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 holdings in Salesforce by 314.8% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after buying an additional 85 shares in the last quarter. Finally, Abound Financial LLC bought a new position in Salesforce in the 1st quarter worth approximately $31,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Price Performance

Salesforce stock traded up $1.84 during midday trading on Friday, hitting $256.37. The company's stock had a trading volume of 7,354,032 shares, compared to its average volume of 8,243,193. 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's 50-day moving average price is $257.34 and its 200-day moving average price is $269.27. Salesforce Inc. has a 12 month low of $226.48 and a 12 month high of $369.00. The company has a market capitalization of $245.09 billion, a PE ratio of 40.12, a price-to-earnings-growth ratio of 2.33 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS 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 business earned $2.44 earnings per share. Salesforce's revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts anticipate that Salesforce Inc. will post 7.46 earnings per share 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 given a $0.416 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.6%. Salesforce's payout ratio is 25.98%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CRM shares. Oppenheimer decreased their price objective on Salesforce from $370.00 to $315.00 and set an "outperform" rating for the company in a report on Tuesday, August 26th. Wells Fargo & Company increased their price objective on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a report on Thursday, May 29th. DA Davidson raised Salesforce from an "underperform" rating to a "neutral" rating and set a $225.00 price objective for the company in a report on Friday, August 15th. Stephens reduced their price target 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. Finally, Piper Sandler upped their price target on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $341.47.

Insider Buying and Selling

In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $248.56, for a total value of $559,260.00. Following the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at $2,960,740,087.76. The trade was a 0.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 59,327 shares of company stock valued at $15,201,738 in the last quarter. 3.00% of the stock is currently owned by 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.