Libra Wealth LLC purchased a new stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,223 shares of the CRM provider's stock, valued at approximately $328,000.
A number of other large investors have also added to or reduced their stakes in the stock. Koshinski Asset Management Inc. grew its position in shares of Salesforce by 1.3% during the 1st quarter. Koshinski Asset Management Inc. now owns 7,182 shares of the CRM provider's stock valued at $1,927,000 after acquiring an additional 92 shares during the period. Essex LLC lifted its stake in Salesforce by 33.2% in the first quarter. Essex LLC now owns 2,452 shares of the CRM provider's stock valued at $658,000 after purchasing an additional 611 shares during the last quarter. Altus Wealth Group LLC lifted its stake in Salesforce by 12.6% in the first quarter. Altus Wealth Group LLC now owns 803 shares of the CRM provider's stock valued at $216,000 after purchasing an additional 90 shares during the last quarter. Red Door Wealth Management LLC grew its holdings in Salesforce by 7.9% during the first quarter. Red Door Wealth Management LLC now owns 22,306 shares of the CRM provider's stock valued at $5,986,000 after purchasing an additional 1,626 shares during the period. Finally, WASHINGTON TRUST Co increased its position in Salesforce by 0.8% in the first quarter. WASHINGTON TRUST Co now owns 69,823 shares of the CRM provider's stock worth $18,738,000 after buying an additional 532 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.
Salesforce Trading Up 0.9%
Shares of CRM stock traded up $2.37 on Friday, hitting $271.58. 5,031,804 shares of the company's stock traded hands, compared to its average volume of 6,543,873. The stock has a market capitalization of $259.63 billion, a price-to-earnings ratio of 42.50, a P/E/G ratio of 2.44 and a beta of 1.36. The company's fifty day simple moving average is $272.21 and its 200 day simple moving average is $292.32. Salesforce Inc. has a one year low of $230.00 and a one year high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07.
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. The firm had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm earned $2.44 earnings per share. Equities analysts forecast that Salesforce Inc. will post 7.46 EPS for the current year.
Salesforce Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be paid a $0.416 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.61%. Salesforce's dividend payout ratio (DPR) is currently 25.98%.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on CRM shares. Mizuho dropped their price target on Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a research report on Thursday, May 15th. DA Davidson reissued an "underperform" rating and issued a $200.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Westpark Capital reaffirmed a "buy" rating and set a $320.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Northland Securities cut their target price on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Finally, Jefferies Financial Group lowered their price target on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $349.08.
Check Out Our Latest Report on CRM
Insider Transactions at Salesforce
In other Salesforce news, insider Miguel Milano sold 405 shares of the stock in a transaction on Monday, June 23rd. The shares were 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 of the company's stock, valued at $2,605,922.55. This represents a 3.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Srinivas Tallapragada sold 1,269 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $332,922.15. Following the completion of the transaction, the insider owned 42,678 shares in the company, valued at $11,196,573.30. The trade was a 2.89% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,534 shares of company stock valued at $7,609,842. Insiders own 3.20% of the company's stock.
About Salesforce
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Free Report)
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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