Jag Capital Management LLC Acquires 5,790 Shares of Salesforce Inc. (NYSE:CRM)

Jag Capital Management LLC raised its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 24.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,496 shares of the CRM provider's stock after buying an additional 5,790 shares during the quarter. Salesforce comprises about 1.1% of Jag Capital Management LLC's investment portfolio, making the stock its 28th biggest holding. Jag Capital Management LLC's holdings in Salesforce were worth $7,916,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Mainstream Capital Management LLC boosted its stake in shares of Salesforce by 0.5% during the fourth quarter. Mainstream Capital Management LLC now owns 6,409 shares of the CRM provider's stock worth $2,143,000 after buying an additional 33 shares during the period. Wulff Hansen & CO. boosted its stake in shares of Salesforce by 3.5% during the fourth quarter. Wulff Hansen & CO. now owns 1,035 shares of the CRM provider's stock worth $346,000 after buying an additional 35 shares during the period. WR Wealth Planners LLC boosted its stake in shares of Salesforce by 9.0% during the fourth quarter. WR Wealth Planners LLC now owns 449 shares of the CRM provider's stock worth $150,000 after buying an additional 37 shares during the period. Fielder Capital Group LLC boosted its stake in shares of Salesforce by 3.0% during the fourth quarter. Fielder Capital Group LLC now owns 1,289 shares of the CRM provider's stock worth $431,000 after buying an additional 38 shares during the period. Finally, Seven Mile Advisory boosted its stake in shares of Salesforce by 2.3% during the fourth quarter. Seven Mile Advisory now owns 1,762 shares of the CRM provider's stock worth $589,000 after buying an additional 39 shares during the period. Institutional investors own 80.43% of the company's stock.

Salesforce Stock Up 0.7%

CRM stock opened at $272.72 on Friday. The stock has a market capitalization of $260.72 billion, a P/E ratio of 42.68, a PEG ratio of 2.45 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. Salesforce Inc. has a one year low of $230.00 and a one year high of $369.00. The company has a 50 day moving average price of $270.38 and a two-hundred day moving average price of $294.66.

Salesforce (NYSE:CRM - Get Free Report) last released its 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. The firm had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. Salesforce's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.44 EPS. As a group, sell-side analysts expect that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be paid a dividend of $0.416 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.61%. Salesforce's dividend payout ratio is presently 25.98%.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 261 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $68,473.35. Following the completion of the sale, the chief accounting officer now directly owns 12,024 shares of the company's stock, valued at $3,154,496.40. The trade was a 2.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Millham sold 979 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total transaction of $248,333.14. Following the sale, the chief executive officer now directly owns 6,487 shares of the company's stock, valued at approximately $1,645,492.42. This trade represents a 13.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,284 shares of company stock valued at $6,996,762 in the last ninety days. Company insiders own 3.20% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CRM. Piper Sandler increased their target price 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. Canaccord Genuity Group lowered their price objective on Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Macquarie reaffirmed a "neutral" rating and issued a $320.00 price objective on shares of Salesforce in a report on Thursday, March 20th. Wells Fargo & Company lifted their price objective on Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a report on Thursday, May 29th. Finally, Scotiabank lowered their price objective on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a report on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $349.08.

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.

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