Kingsview Wealth Management LLC Has $40.92 Million Stock Position in Salesforce Inc. (NYSE:CRM)

Kingsview Wealth Management LLC grew its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 13.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 152,467 shares of the CRM provider's stock after acquiring an additional 18,350 shares during the quarter. Salesforce comprises about 0.8% of Kingsview Wealth Management LLC's investment portfolio, making the stock its 28th largest holding. Kingsview Wealth Management LLC's holdings in Salesforce were worth $40,916,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CRM. Wulff Hansen & CO. grew its stake in shares of Salesforce by 3.5% in the fourth quarter. Wulff Hansen & CO. now owns 1,035 shares of the CRM provider's stock worth $346,000 after purchasing an additional 35 shares in the last quarter. Seven Mile Advisory lifted its holdings in Salesforce by 2.3% in the fourth quarter. Seven Mile Advisory now owns 1,762 shares of the CRM provider's stock worth $589,000 after purchasing an additional 39 shares during the period. Liberty One Investment Management LLC grew its position in Salesforce by 1.2% in the 1st quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider's stock valued at $849,000 after buying an additional 39 shares in the last quarter. First Command Advisory Services Inc. increased its stake in Salesforce by 7.3% during the 1st quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider's stock valued at $154,000 after buying an additional 39 shares during the period. Finally, Clarity Wealth Advisors LLC raised its position in shares of Salesforce by 2.3% during the 1st quarter. Clarity Wealth Advisors LLC now owns 1,760 shares of the CRM provider's stock worth $472,000 after buying an additional 40 shares in the last quarter. Institutional investors own 80.43% of the company's stock.

Insider Activity

In related news, insider Miguel Milano sold 405 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $106,251.75. Following the completion of the sale, the insider owned 9,933 shares in the company, valued at $2,605,922.55. This represents a 3.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Benioff sold 2,250 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $257.02, for a total value of $578,295.00. Following the completion of the sale, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at $3,061,511,978.42. This represents a 0.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,819 shares of company stock valued at $9,111,823 over the last three months. 3.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CRM has been the topic of a number of research analyst reports. Canaccord Genuity Group lowered their price objective on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Citigroup lowered their price target on Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. BMO Capital Markets cut their price objective on Salesforce from $350.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, July 10th. Westpark Capital reaffirmed a "buy" rating and set a $320.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Finally, Erste Group Bank downgraded shares of Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. Three 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 issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $348.16.

Salesforce Stock Up 1.0%

NYSE CRM traded up $2.52 during trading on Friday, hitting $262.40. 6,376,432 shares of the company traded hands, compared to its average volume of 6,555,507. Salesforce Inc. has a 12 month low of $230.00 and a 12 month high of $369.00. The business has a fifty day simple moving average of $270.45 and a 200 day simple moving average of $286.50. The company has a market capitalization of $250.85 billion, a P/E ratio of 41.06, a PEG ratio of 2.36 and a beta of 1.36. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last posted its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping 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 firm had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same period in the previous year, the company earned $2.44 EPS. The company's revenue for the quarter was up 7.6% on a year-over-year basis. As a group, sell-side analysts predict 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. Shareholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is 25.98%.

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.