IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in Salesforce Inc. (NYSE:CRM - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,906 shares of the CRM provider's stock, valued at approximately $511,000.
Other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp lifted its holdings in Salesforce by 18.3% during the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock valued at $3,752,830,000 after purchasing an additional 1,736,667 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Salesforce by 23.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock valued at $2,988,422,000 after purchasing an additional 1,683,233 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Salesforce by 7.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,658,132 shares of the CRM provider's stock valued at $2,894,673,000 after buying an additional 602,445 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in Salesforce by 1.3% in the 4th quarter. Nuveen Asset Management LLC now owns 8,598,989 shares of the CRM provider's stock worth $2,874,900,000 after buying an additional 114,278 shares during the period. Finally, Invesco Ltd. grew its stake in Salesforce by 42.5% in the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock valued at $2,604,770,000 after buying an additional 2,325,156 shares in the last quarter. Institutional investors own 80.43% of the company's stock.
Wall Street Analysts Forecast Growth
CRM has been the subject of several recent research reports. Wells Fargo & Company lifted their price target on Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research report on Thursday, May 29th. Stephens reduced their target price on Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Morgan Stanley reissued an "overweight" rating and issued a $404.00 price target (up from $393.00) on shares of Salesforce in a report on Thursday, May 29th. Citigroup reduced their price objective on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $430.00 target price on shares of Salesforce in a research note on Friday, July 11th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $348.16.
Check Out Our Latest Stock Report on Salesforce
Insider Activity
In other Salesforce news, insider Srinivas Tallapragada sold 6,697 shares of Salesforce 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 completion of the sale, the insider directly owned 41,422 shares of the company's stock, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $259.67, for a total transaction of $584,257.50. Following the transaction, the chief executive officer directly owned 11,955,566 shares of the company's stock, valued at $3,104,501,823.22. This trade represents a 0.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 41,979 shares of company stock valued at $11,330,746 over the last 90 days. 3.20% of the stock is currently owned by insiders.
Salesforce Stock Performance
Shares of CRM stock opened at $252.21 on Tuesday. The stock's 50-day moving average price is $265.62 and its 200 day moving average price is $281.14. 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 $241.11 billion, a PE ratio of 39.47, a price-to-earnings-growth ratio of 2.28 and a beta of 1.37. Salesforce Inc. has a 52-week low of $230.00 and a 52-week high of $369.00.
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, beating the consensus estimate of $2.55 by $0.03. The business had revenue of $9.83 billion for 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%. The business's quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.44 earnings per share. As a group, equities research analysts forecast that Salesforce Inc. will post 7.46 EPS for the current year.
Salesforce Cuts Dividend
The firm also recently announced 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. This represents a $1.66 annualized dividend and a yield of 0.7%. The ex-dividend date was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is 25.98%.
Salesforce Company Profile
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Free Report)
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.
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