Mutual Advisors LLC Purchases 1,200 Shares of Salesforce Inc. (NYSE:CRM)

Mutual Advisors LLC boosted its position in Salesforce Inc. (NYSE:CRM - Free Report) by 11.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,950 shares of the CRM provider's stock after acquiring an additional 1,200 shares during the quarter. Mutual Advisors LLC's holdings in Salesforce were worth $3,201,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CRM. Resonant Capital Advisors LLC raised its holdings in shares of Salesforce by 7.1% during the 1st quarter. Resonant Capital Advisors LLC now owns 8,528 shares of the CRM provider's stock worth $2,289,000 after buying an additional 569 shares in the last quarter. Revisor Wealth Management LLC bought a new position in Salesforce in the first quarter valued at about $6,682,000. Strategic Financial Concepts LLC raised its stake in Salesforce by 35.6% during the first quarter. Strategic Financial Concepts LLC now owns 827 shares of the CRM provider's stock worth $222,000 after acquiring an additional 217 shares in the last quarter. Novem Group lifted its holdings in shares of Salesforce by 4.7% in the first quarter. Novem Group now owns 1,117 shares of the CRM provider's stock worth $300,000 after acquiring an additional 50 shares during the last quarter. Finally, Private Trust Co. NA lifted its holdings in shares of Salesforce by 8.8% in the first quarter. Private Trust Co. NA now owns 9,344 shares of the CRM provider's stock worth $2,508,000 after acquiring an additional 756 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRM. Scotiabank lowered their price objective on shares of Salesforce from $400.00 to $345.00 and set a "sector outperform" rating for the company in a research report on Monday, March 17th. The Goldman Sachs Group boosted their target price on shares of Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Morgan Stanley reiterated an "overweight" rating and issued a $404.00 price target (up from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. Northland Securities cut their price objective on Salesforce from $423.00 to $396.00 and set an "outperform" rating on the stock in a report on Thursday, May 29th. Finally, Piper Sandler upped their target price on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $349.08.

Insider Activity at Salesforce

In other news, insider Srinivas Tallapragada sold 1,269 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $332,922.15. Following the completion of the sale, the insider directly owned 42,678 shares of the company's stock, valued at $11,196,573.30. This represents a 2.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Miguel Milano sold 405 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $106,251.75. Following the completion of the transaction, the insider owned 9,933 shares in the company, valued at $2,605,922.55. This represents a 3.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,534 shares of company stock valued at $7,609,842 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Salesforce Stock Performance

Shares of Salesforce stock opened at $271.58 on Friday. The business has a 50-day simple moving average of $272.21 and a 200 day simple moving average of $292.32. Salesforce Inc. has a one year low of $230.00 and a one 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. The firm has a market capitalization of $259.63 billion, a price-to-earnings ratio of 42.50, a PEG ratio of 2.44 and a beta of 1.36.

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, 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 firm had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same quarter last year, the firm posted $2.44 earnings per share. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, research analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date is Wednesday, June 18th. Salesforce's dividend payout ratio is currently 25.98%.

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.

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