Morningstar Investment Services LLC Lowers Position in Salesforce Inc. (NYSE:CRM)

Morningstar Investment Services LLC cut its position in Salesforce Inc. (NYSE:CRM - Free Report) by 59.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,348 shares of the CRM provider's stock after selling 15,403 shares during the quarter. Morningstar Investment Services LLC's holdings in Salesforce were worth $2,777,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CRM. Bernard Wealth Management Corp. bought a new stake in Salesforce in the 4th quarter valued at $25,000. Accredited Wealth Management LLC bought a new stake in Salesforce in the 4th quarter valued at $27,000. Capital A Wealth Management LLC increased its position in Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after buying an additional 90 shares during the period. Abound Financial LLC bought a new position in Salesforce during the 1st quarter worth $31,000. Finally, Wood Tarver Financial Group LLC bought a new position in Salesforce during the 4th quarter worth $35,000. Institutional investors own 80.43% of the company's stock.

Salesforce Stock Performance

CRM stock traded up $2.52 during midday trading on Friday, hitting $262.40. The company's stock had a trading volume of 6,376,432 shares, compared to its average volume of 6,563,887. The stock's 50-day moving average price is $270.45 and its 200 day moving average price is $286.17. 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 $250.85 billion, a price-to-earnings ratio of 41.06, a PEG ratio of 2.38 and a beta of 1.36.

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

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were paid a dividend of $0.416 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce's payout ratio is 25.98%.

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 261 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $68,473.35. Following the completion of the sale, the chief accounting officer owned 12,024 shares of the company's stock, valued at approximately $3,154,496.40. This represents a 2.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Miguel Milano sold 405 shares of the company'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 completion of the sale, the insider directly owned 9,933 shares of the company's stock, valued at $2,605,922.55. This trade represents a 3.92% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,819 shares of company stock valued at $9,111,823. 3.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. JMP Securities reiterated a "market outperform" rating and set a $430.00 price objective on shares of Salesforce in a research report on Friday, July 11th. Stephens decreased their price target on Salesforce from $311.00 to $309.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. UBS Group set a $404.00 price target on Salesforce and gave the stock an "overweight" rating in a research report on Wednesday, June 18th. Barclays reduced their price objective on Salesforce from $425.00 to $347.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. Finally, Piper Sandler raised their price objective on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research note on Wednesday, May 28th. Three 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has an average rating of "Moderate Buy" and an average price target of $348.16.

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.