Nikko Asset Management Americas Inc. Takes $27.88 Million Position in Salesforce Inc. (NYSE:CRM)

Key Points

• Nikko Asset Management Americas Inc. has acquired a new position in Salesforce Inc. (NYSE: CRM) worth approximately $27.88 million, buying 103,907 shares during the first quarter.
• Salesforce has a market cap of $257.27 billion and reported strong quarterly earnings, with an EPS of $2.58, exceeding analysts' estimates.
• Insider activity includes CEO Marc Benioff selling 2,250 shares, while hedge funds and institutional investors own over 80% of the company's stock.

Nikko Asset Management Americas Inc. purchased a new stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 103,907 shares of the CRM provider's stock, valued at approximately $27,884,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Seven Mile Advisory grew its holdings in shares of Salesforce by 2.3% during the fourth quarter. Seven Mile Advisory now owns 1,762 shares of the CRM provider's stock valued at $589,000 after buying an additional 39 shares in the last quarter. Liberty One Investment Management LLC grew its holdings 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 valued at $849,000 after buying an additional 39 shares in the last quarter. First Command Advisory Services Inc. grew its holdings 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 valued at $154,000 after buying an additional 39 shares in the last quarter. Mendel Money Management grew its holdings 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 valued at $298,000 after buying an additional 39 shares in the last quarter. Finally, Clarity Wealth Advisors LLC grew its holdings 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 valued at $472,000 after buying an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CRM shares. Erste Group Bank downgraded Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. Guggenheim upgraded Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Royal Bank Of Canada restated a "sector perform" rating and issued a $275.00 target price on shares of Salesforce in a research note on Monday, July 14th. Barclays lowered their target price 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, Jefferies Financial Group lowered their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $348.16.

Insider Buying and Selling

In related news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $266.56, for a total transaction of $599,760.00. Following the sale, the chief executive officer directly owned 11,911,571 shares in the company, valued at $3,175,148,365.76. This represents a 0.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 33,479 shares of company stock worth $9,091,796. 3.20% of the stock is owned by corporate insiders.

Salesforce Trading Up 0.5%

CRM stock opened at $269.11 on Friday. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The firm has a market cap of $257.27 billion, a P/E ratio of 42.11, a P/E/G ratio of 2.43 and a beta of 1.36. The business's 50 day moving average is $268.07 and its 200-day moving average is $284.27. 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 (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company earned $2.44 EPS. Equities analysts anticipate that Salesforce Inc. will post 7.46 earnings per share 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 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 yield of 0.62%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Salesforce 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.

Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce Inc. (NYSE:CRM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.