Mathes Company Inc. Boosts Holdings in Salesforce Inc. (NYSE:CRM)

Mathes Company Inc. increased its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 396.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,298 shares of the CRM provider's stock after acquiring an additional 9,823 shares during the period. Salesforce makes up approximately 1.3% of Mathes Company Inc.'s investment portfolio, making the stock its 29th biggest position. Mathes Company Inc.'s holdings in Salesforce were worth $3,300,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRM. Brighton Jones LLC boosted its position in shares of Salesforce by 13.7% during the fourth 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 boosted its position in shares of Salesforce by 12.6% during the fourth quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider's stock valued at $611,000 after buying an additional 205 shares during the period. Proficio Capital Partners LLC boosted its position in shares of Salesforce by 70.4% during the fourth quarter. Proficio Capital Partners LLC now owns 2,791 shares of the CRM provider's stock valued at $933,000 after buying an additional 1,153 shares during the period. AGF Management Ltd. boosted its position in shares of Salesforce by 59.3% during the fourth quarter. AGF Management Ltd. now owns 5,599 shares of the CRM provider's stock valued at $1,872,000 after buying an additional 2,085 shares during the period. Finally, PFG Advisors boosted its position in shares of Salesforce by 11.7% during the fourth quarter. PFG Advisors now owns 2,604 shares of the CRM provider's stock valued at $871,000 after buying an additional 273 shares during the period. Hedge funds and other institutional investors own 80.43% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on CRM. The Goldman Sachs Group boosted their target price on Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Piper Sandler boosted their target price on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research report on Wednesday, May 28th. Cantor Fitzgerald lowered Salesforce from an "overweight" rating to a "cautious" rating in a research report on Thursday. Needham & Company LLC reaffirmed a "buy" rating and set a $400.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $404.00 price target (up previously from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $348.16.

Salesforce Stock Down 2.2%

Shares of CRM stock traded down $5.74 during trading hours on Friday, reaching $258.23. 7,004,264 shares of the company's stock were exchanged, compared to its average volume of 6,540,561. The stock's 50 day moving average is $272.09 and its 200-day moving average is $289.24. The company has a market cap of $246.87 billion, a price-to-earnings ratio of 40.41, a P/E/G ratio of 2.39 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 Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.44 earnings per share. Analysts predict that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders 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 dividend yield of 0.64%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Insider Activity

In other news, insider Srinivas Tallapragada sold 1,269 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $332,922.15. Following the sale, the insider directly owned 42,678 shares of the company's stock, valued at $11,196,573.30. The trade was a 2.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Miguel Milano sold 405 shares of the business's 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 sale, the insider directly owned 9,933 shares in the company, valued at $2,605,922.55. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,284 shares of company stock valued at $9,444,537. 3.20% of the stock is owned by corporate insiders.

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.