InTrack Investment Management Inc Sells 2,315 Shares of Salesforce, Inc. (NYSE:CRM)

InTrack Investment Management Inc decreased its position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 42.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,144 shares of the CRM provider's stock after selling 2,315 shares during the quarter. InTrack Investment Management Inc's holdings in Salesforce were worth $844,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Salesforce in the fourth quarter worth $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Salesforce by 926.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock worth $1,422,979,000 after purchasing an additional 3,841,521 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Salesforce by 30,456.9% in the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock worth $1,020,194,000 after purchasing an additional 3,789,147 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Salesforce in the fourth quarter worth $1,173,564,000. Finally, Invesco Ltd. raised its stake in shares of Salesforce by 42.5% in the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after purchasing an additional 2,325,156 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Westpark Capital restated a "buy" rating and issued a $320.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. DA Davidson reaffirmed an "underperform" rating and issued a $200.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Erste Group Bank lowered Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. Macquarie reaffirmed a "neutral" rating and issued a $320.00 price objective on shares of Salesforce in a report on Thursday, March 20th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $370.00 price objective on shares of Salesforce in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce currently has an average rating of "Moderate Buy" and a consensus target price of $346.34.

Insider Buying and Selling

In other Salesforce news, insider Miguel Milano sold 705 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now directly owns 9,323 shares in the company, valued at $2,605,219.12. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Srinivas Tallapragada sold 6,697 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the transaction, the insider now directly owns 41,422 shares in the company, valued at approximately $12,219,490. This represents a 13.92% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,332 shares of company stock worth $11,024,802. Corporate insiders own 3.20% of the company's stock.

Salesforce Price Performance

Shares of NYSE CRM traded down $8.66 during mid-day trading on Friday, reaching $258.25. The company's stock had a trading volume of 7,647,008 shares, compared to its average volume of 6,545,929. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $246.89 billion, a PE ratio of 42.48, a P/E/G ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 52 week low of $227.77 and a 52 week high of $369.00. The stock has a fifty day moving average of $268.09 and a two-hundred day moving average of $300.13.

Salesforce (NYSE:CRM - Get Free Report) last posted its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping 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 12.34% and a net margin of 15.96%. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.44 earnings per share. As a group, sell-side analysts anticipate that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be given 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 0.64%. Salesforce's dividend payout ratio is currently 25.98%.

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.