Moors & Cabot Inc. lessened its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 3.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,838 shares of the CRM provider's stock after selling 1,543 shares during the quarter. Moors & Cabot Inc.'s holdings in Salesforce were worth $10,423,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in CRM. Liberty One Investment Management LLC raised its position in shares of Salesforce by 1.2% during 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. First Command Advisory Services Inc. raised its position in shares of Salesforce by 7.3% during the first quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider's stock worth $154,000 after acquiring an additional 39 shares during the last quarter. Mendel Money Management raised its position in shares of Salesforce by 3.6% during the first quarter. Mendel Money Management now owns 1,112 shares of the CRM provider's stock worth $298,000 after acquiring an additional 39 shares during the last quarter. Clarity Wealth Advisors LLC raised its position in shares of Salesforce by 2.3% during 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, Mowery & Schoenfeld Wealth Management LLC raised its position in shares of Salesforce by 5.2% during the first quarter. Mowery & Schoenfeld Wealth Management LLC now owns 812 shares of the CRM provider's stock worth $218,000 after acquiring an additional 40 shares during the last quarter. Institutional investors own 80.43% of the company's stock.
Insiders Place Their Bets
In related news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $265.77, for a total transaction of $597,982.50. Following the completion of the sale, the chief executive officer directly owned 11,911,571 shares in the company, valued at $3,165,738,224.67. This represents a 0.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 39,729 shares of company stock worth $10,763,881. Corporate insiders own 3.20% of the company's stock.
Salesforce Stock Performance
CRM stock traded down $7.48 during midday trading on Friday, hitting $250.85. The company's stock had a trading volume of 7,643,247 shares, compared to its average volume of 5,567,701. The stock's 50-day moving average price is $266.04 and its 200 day moving average price is $282.19. The company has a quick ratio of 1.07, a current 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. The stock has a market cap of $239.81 billion, a price-to-earnings ratio of 39.26, a PEG ratio of 2.28 and a beta of 1.37.
Salesforce (NYSE:CRM - Get Free Report) last released 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. 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 previous year, the company posted $2.44 EPS. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities analysts forecast that Salesforce Inc. will post 7.46 EPS for the current year.
Salesforce Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were issued a dividend of $0.416 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce's dividend payout ratio is currently 25.98%.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on CRM shares. BMO Capital Markets lowered their price objective on Salesforce from $350.00 to $335.00 and set an "outperform" rating for the company in a research report on Thursday, July 10th. Barclays lowered their target price on Salesforce from $425.00 to $347.00 and set an "overweight" rating for the company in a report on Thursday, May 29th. Cantor Fitzgerald downgraded Salesforce from an "overweight" rating to a "cautious" rating in a report on Thursday, July 10th. Mizuho lowered their target price on Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a report on Thursday, May 15th. Finally, The Goldman Sachs Group lifted their target price on Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $348.16.
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Salesforce Profile
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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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