Kirtland Hills Capital Management LLC Has $1.58 Million Holdings in Salesforce Inc. (NYSE:CRM)

Key Points

• Kirtland Hills Capital Management LLC increased its stake in Salesforce Inc. by 27.6%, now owning 6,373 shares worth approximately $1.58 million.
• Salesforce's most recent quarterly earnings showed an EPS of $2.58, surpassing estimates, with revenue also exceeding projections at $9.83 billion.
• Analysts have set a consensus rating of "Moderate Buy" for Salesforce, with an average price target of $348.16 amid various ratings revisions by different firms.

Kirtland Hills Capital Management LLC increased its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 27.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,373 shares of the CRM provider's stock after acquiring an additional 1,380 shares during the period. Kirtland Hills Capital Management LLC's holdings in Salesforce were worth $1,576,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Bernard Wealth Management Corp. bought a new position in shares of Salesforce in the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce in the fourth quarter valued at about $27,000. Capital A Wealth Management LLC increased its stake in shares of Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after purchasing an additional 90 shares during the period. CBIZ Investment Advisory Services LLC lifted 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 worth $30,000 after purchasing an additional 85 shares during the last quarter. Finally, Abound Financial LLC bought a new stake in Salesforce during the 1st quarter valued at approximately $31,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CRM shares. Mizuho dropped their target price on Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a report on Thursday, May 15th. Northland Securities cut their price objective on Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Barclays lowered their target price on shares of Salesforce from $425.00 to $347.00 and set an "overweight" rating on the stock in a report on Thursday, May 29th. DA Davidson reissued an "underperform" rating and set a $200.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $430.00 price objective 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 given a hold rating, twenty-seven have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $348.16.

Salesforce Price Performance

CRM stock traded down $6.92 during trading on Friday, reaching $251.41. 4,970,651 shares of the company were exchanged, compared to its average volume of 7,082,707. The company has a market capitalization of $240.35 billion, a price-to-earnings ratio of 39.37, a P/E/G ratio of 2.40 and a beta of 1.36. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The company has a 50-day moving average of $266.48 and a two-hundred day moving average of $282.69. Salesforce Inc. has a twelve month low of $230.00 and a twelve month high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 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 company had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same period in the prior year, the company earned $2.44 EPS. Salesforce's revenue was up 7.6% compared to the same quarter last year. As a group, equities analysts predict that Salesforce Inc. will post 7.46 earnings per share for the current fiscal 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 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's payout ratio is presently 25.98%.

Insiders Place Their Bets

In other news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $265.77, for a total transaction of $597,982.50. Following the transaction, the chief executive officer owned 11,911,571 shares in the company, valued at approximately $3,165,738,224.67. The trade was a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 39,729 shares of company stock worth $10,763,881. Insiders own 3.20% of the company's stock.

Salesforce 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.