Mitsubishi UFJ Trust & Banking Corp Has $153 Million Position in Salesforce Inc. (NYSE:CRM)

Key Points

• Mitsubishi UFJ Trust & Banking Corp increased its stake in Salesforce by 5.9% during the first quarter, now owning 570,125 shares valued at approximately $153 million.
• Salesforce reported quarterly earnings of $2.58 per share, exceeding analysts' expectations, with revenue of $9.83 billion, a 7.6% year-over-year increase.
• Salesforce's consensus rating among analysts is "Moderate Buy," with a consensus target price of $348.16.

Mitsubishi UFJ Trust & Banking Corp raised its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 5.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 570,125 shares of the CRM provider's stock after buying an additional 31,933 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.06% of Salesforce worth $152,999,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce in the 4th quarter worth about $25,000. Accredited Wealth Management LLC bought a new stake in shares of Salesforce in the 4th quarter worth about $27,000. Capital A Wealth Management LLC grew its holdings in shares of Salesforce by 450.0% in the 1st 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 last quarter. CBIZ Investment Advisory Services LLC grew its holdings in shares of Salesforce by 314.8% in 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 shares of Salesforce in the 1st quarter worth about $31,000. Institutional investors own 80.43% of the company's stock.

Salesforce Price Performance

CRM stock traded down $7.48 during midday trading on Friday, reaching $250.85. The company had a trading volume of 7,643,247 shares, compared to its average volume of 5,567,701. The company has a market capitalization of $239.81 billion, a price-to-earnings ratio of 39.26, a price-to-earnings-growth ratio of 2.28 and a beta of 1.37. The stock has a 50 day moving average price of $266.04 and a 200-day moving average price of $281.92. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. 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 (NYSE:CRM - Get Free Report) last posted 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. The business had revenue of $9.83 billion during 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%. Salesforce's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.44 earnings per share. Equities research analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current 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 paid a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce's payout ratio is presently 25.98%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRM. Morgan Stanley reissued an "overweight" rating and set a $404.00 price objective (up previously from $393.00) on shares of Salesforce in a report on Thursday, May 29th. Piper Sandler increased their price objective on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. The Goldman Sachs Group upped their target price on shares of Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Needham & Company LLC reissued a "buy" rating and set a $400.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company lifted their price objective on shares of Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $348.16.

Insider Activity

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $259.67, for a total transaction of $584,257.50. Following the completion of the transaction, the chief executive officer owned 11,955,566 shares of the company's stock, valued at approximately $3,104,501,823.22. The trade was a 0.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the transaction, the insider directly owned 41,422 shares of the company's stock, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,729 shares of company stock valued at $10,763,881. Insiders own 3.20% 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.