King Wealth Management Group Acquires New Shares in Salesforce Inc. (NYSE:CRM)

Key Points

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King Wealth Management Group acquired a new stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,429 shares of the CRM provider's stock, valued at approximately $383,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRM. Notis McConarty Edward increased its holdings in shares of Salesforce by 71.6% in the 1st quarter. Notis McConarty Edward now owns 3,844 shares of the CRM provider's stock worth $1,032,000 after buying an additional 1,604 shares during the last quarter. Delaney Dennis R lifted its stake in Salesforce by 66.1% during the first quarter. Delaney Dennis R now owns 5,694 shares of the CRM provider's stock worth $1,528,000 after purchasing an additional 2,266 shares during the last quarter. Journey Strategic Wealth LLC boosted its holdings in shares of Salesforce by 34.5% in the 1st quarter. Journey Strategic Wealth LLC now owns 4,948 shares of the CRM provider's stock worth $1,328,000 after purchasing an additional 1,270 shares in the last quarter. ARK Investment Management LLC purchased a new position in shares of Salesforce in the 1st quarter worth about $20,179,000. Finally, Alecta Tjanstepension Omsesidigt increased its position in shares of Salesforce by 121.9% during the 1st quarter. Alecta Tjanstepension Omsesidigt now owns 355,000 shares of the CRM provider's stock valued at $95,222,000 after purchasing an additional 195,000 shares during the last quarter. Institutional investors own 80.43% of the company's stock.

Salesforce Stock Down 2.2%

Shares of CRM stock traded down $5.58 during trading hours on Friday, hitting $252.75. 2,187,715 shares of the company's stock traded hands, compared to its average volume of 7,055,143. 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 fifty day simple moving average is $266.48 and its two-hundred day simple moving average is $282.69. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The stock has a market cap of $241.63 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 2.40 and a beta of 1.36.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $9.74 billion. During the same quarter in the previous year, the business earned $2.44 earnings per share. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. On average, analysts expect that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

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

Insider Transactions at Salesforce

In other Salesforce news, insider Srinivas Tallapragada sold 6,697 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the sale, the insider directly owned 41,422 shares in the company, valued at approximately $12,219,490. This trade represents a 13.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 completion of the transaction, the chief executive officer owned 11,955,566 shares in the company, valued at approximately $3,104,501,823.22. This represents a 0.02% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,729 shares of company stock worth $10,763,881. 3.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CRM has been the subject of a number of recent research reports. UBS Group set a $404.00 target price on Salesforce and gave the stock an "overweight" rating in a research report on Wednesday, June 18th. Mizuho decreased their price target on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a research note on Thursday, May 15th. Westpark Capital restated a "buy" rating and issued a $320.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. DA Davidson reaffirmed an "underperform" rating and issued a $200.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Finally, Stephens decreased their target price on shares of Salesforce from $311.00 to $309.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $348.16.

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.