Mathes Company Inc. Buys 9,823 Shares of Salesforce Inc. (NYSE:CRM)

Mathes Company Inc. grew its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 396.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,298 shares of the CRM provider's stock after buying an additional 9,823 shares during the quarter. Salesforce accounts for approximately 1.3% of Mathes Company Inc.'s holdings, making the stock its 29th largest position. Mathes Company Inc.'s holdings in Salesforce were worth $3,300,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRM. Wulff Hansen & CO. lifted its holdings in shares of Salesforce by 3.5% during the 4th quarter. Wulff Hansen & CO. now owns 1,035 shares of the CRM provider's stock worth $346,000 after acquiring an additional 35 shares during the period. Seven Mile Advisory lifted its holdings in Salesforce by 2.3% during the 4th quarter. Seven Mile Advisory now owns 1,762 shares of the CRM provider's stock valued at $589,000 after purchasing an additional 39 shares during the last quarter. Liberty One Investment Management LLC raised its stake in shares of Salesforce by 1.2% in the first quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider's stock worth $849,000 after acquiring an additional 39 shares during the last quarter. Clarity Wealth Advisors LLC raised its stake in shares of Salesforce by 2.3% in the first quarter. Clarity Wealth Advisors LLC now owns 1,760 shares of the CRM provider's stock worth $472,000 after acquiring an additional 40 shares during the last quarter. Finally, Kozak & Associates Inc. grew its position in shares of Salesforce by 1.6% during the 1st quarter. Kozak & Associates Inc. now owns 2,571 shares of the CRM provider's stock worth $654,000 after buying an additional 41 shares during the period. 80.43% of the stock is owned by institutional investors.

Insider Transactions at Salesforce

In other Salesforce news, insider Parker Harris sold 1,142 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $299,603.70. Following the completion of the sale, the insider directly owned 136,824 shares of the company's stock, valued at approximately $35,895,776.40. This represents a 0.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction on Friday, July 11th. The stock was sold at an average price of $259.67, for a total value of $584,257.50. Following the sale, the chief executive officer owned 11,955,566 shares in the company, valued at $3,104,501,823.22. The trade was a 0.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,534 shares of company stock worth $10,028,795. 3.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. DA Davidson restated an "underperform" rating and set a $200.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Morgan Stanley reissued an "overweight" rating and issued a $404.00 price objective (up previously from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Piper Sandler boosted their price objective on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. Barclays dropped their price target on shares of Salesforce from $425.00 to $347.00 and set an "overweight" rating on the stock in a research report on Thursday, May 29th. Finally, UBS Group set a $404.00 price objective on shares of Salesforce and gave the company an "overweight" rating in a report on Wednesday, June 18th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, Salesforce presently has an average rating of "Moderate Buy" and an average target price of $348.16.

Salesforce Trading Down 0.8%

NYSE:CRM traded down $2.04 on Tuesday, reaching $257.64. 5,190,971 shares of the stock traded hands, compared to its average volume of 6,542,487. The firm has a market capitalization of $246.31 billion, a price-to-earnings ratio of 40.32, a price-to-earnings-growth ratio of 2.34 and a beta of 1.36. The company's 50 day moving average is $271.83 and its 200-day moving average is $287.94. 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 1-year low of $230.00 and a 1-year high of $369.00.

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

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were given a $0.416 dividend. This represents a $1.66 annualized dividend and a yield of 0.65%. The ex-dividend date was Wednesday, June 18th. Salesforce's payout ratio is currently 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.