Salesforce Inc. (NYSE:CRM) Stake Cut by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management Ltd. reduced its Salesforce holdings by 17.6%, selling 34,153 shares, leaving them with a total of 160,215 shares valued at approximately $42.99 million.
• Salesforce reported quarterly earnings of $2.58 EPS and revenue of $9.83 billion, exceeding analysts' estimates and showing a year-over-year revenue increase of 7.6%.
• Analysts maintain a consensus rating of "Moderate Buy" for Salesforce with a target price averaging $348.16, reflecting optimistic growth projections following significant institutional investments.

Jupiter Asset Management Ltd. trimmed its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 17.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 160,215 shares of the CRM provider's stock after selling 34,153 shares during the period. Jupiter Asset Management Ltd.'s holdings in Salesforce were worth $42,995,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in CRM. Bernard Wealth Management Corp. acquired a new stake in shares of Salesforce during the 4th quarter valued at approximately $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce during the 4th quarter valued at approximately $27,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Salesforce during the 4th quarter valued at approximately $35,000. Capital A Wealth Management LLC raised its position in shares of Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after acquiring an additional 90 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC raised its position in shares of Salesforce by 314.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after acquiring an additional 85 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on CRM. Westpark Capital reissued a "buy" rating and set a $320.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Erste Group Bank lowered Salesforce from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. 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. Piper Sandler upped their price target on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research report on Wednesday, May 28th. Finally, UBS Group set a $404.00 price target on Salesforce and gave the company an "overweight" rating in a research report on Wednesday, June 18th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $348.16.

Salesforce Trading Down 2.9%

Shares of NYSE CRM traded down $7.48 during mid-day trading on Friday, hitting $250.85. 7,643,247 shares of the company traded hands, compared to its average volume of 5,567,701. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The stock has a market capitalization of $239.81 billion, a price-to-earnings ratio of 39.26, a PEG ratio of 2.28 and a beta of 1.37. 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 business has a 50 day moving average of $266.04 and a two-hundred day moving average of $281.92.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same period in the prior year, the business posted $2.44 earnings per share. Salesforce's revenue was up 7.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were paid a $0.416 dividend. This represents a $1.66 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio is currently 25.98%.

Insider Transactions at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $265.77, for a total value of $597,982.50. Following the completion of the sale, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at approximately $3,165,738,224.67. This represents a 0.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders sold 39,729 shares of company stock valued at $10,763,881. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Company 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.