Leith Wheeler Investment Counsel Ltd. Grows Position in Salesforce Inc. (NYSE:CRM)

Leith Wheeler Investment Counsel Ltd. raised its position in Salesforce Inc. (NYSE:CRM - Free Report) by 43.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,834 shares of the CRM provider's stock after purchasing an additional 31,537 shares during the quarter. Salesforce accounts for approximately 2.0% of Leith Wheeler Investment Counsel Ltd.'s portfolio, making the stock its 16th largest holding. Leith Wheeler Investment Counsel Ltd.'s holdings in Salesforce were worth $28,133,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRM. Brighton Jones LLC raised its holdings in shares of Salesforce by 13.7% during the 4th quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider's stock valued at $8,582,000 after buying an additional 3,102 shares during the period. Revolve Wealth Partners LLC grew its stake in Salesforce by 12.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider's stock valued at $611,000 after purchasing an additional 205 shares in the last quarter. Hanlon Investment Management Inc. acquired a new stake in Salesforce during the 4th quarter valued at approximately $207,000. Rossby Financial LCC acquired a new stake in Salesforce during the 4th quarter valued at approximately $295,000. Finally, Kane Investment Management Inc. acquired a new stake in Salesforce during the 4th quarter valued at approximately $662,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CRM shares. Cantor Fitzgerald lowered Salesforce from an "overweight" rating to a "cautious" rating in a research note on Thursday, July 10th. 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. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $275.00 target price on shares of Salesforce in a research report on Monday, July 14th. Wells Fargo & Company lifted their target price on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 29th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $404.00 target price (up previously from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $348.16.

Salesforce Stock Performance

Shares of CRM stock opened at $231.40 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. Salesforce Inc. has a fifty-two week low of $226.48 and a fifty-two week high of $369.00. The stock's 50-day moving average is $262.23 and its two-hundred day moving average is $277.72. The firm has a market cap of $221.22 billion, a P/E ratio of 36.21, a PEG ratio of 2.11 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last issued 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 company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same period in the prior year, the firm posted $2.44 EPS. The business's revenue was up 7.6% compared to the same quarter last year. 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 $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.7%. Salesforce's dividend payout ratio (DPR) is 25.98%.

Insider Transactions at Salesforce

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $236.45, for a total value of $532,012.50. Following the sale, the chief executive officer owned 11,911,571 shares of the company's stock, valued at $2,816,490,962.95. This trade represents a 0.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, insiders sold 44,282 shares of company stock valued at $11,554,754. Company insiders own 3.00% of the company's stock.

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.

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