NorthCrest Asset Manangement LLC Has $27.44 Million Stake in Salesforce, Inc. (NYSE:CRM)

NorthCrest Asset Manangement LLC boosted its stake in Salesforce, Inc. (NYSE:CRM - Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 102,261 shares of the CRM provider's stock after buying an additional 2,491 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Salesforce were worth $27,443,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRM. GraniteShares Advisors LLC increased its stake in shares of Salesforce by 2.2% during the 1st quarter. GraniteShares Advisors LLC now owns 5,974 shares of the CRM provider's stock worth $1,603,000 after purchasing an additional 126 shares during the last quarter. RFG Holdings Inc. increased its stake in shares of Salesforce by 22.2% during the 1st quarter. RFG Holdings Inc. now owns 3,167 shares of the CRM provider's stock worth $851,000 after purchasing an additional 575 shares during the last quarter. Baker Chad R increased its stake in shares of Salesforce by 99.4% during the 1st quarter. Baker Chad R now owns 17,525 shares of the CRM provider's stock worth $4,703,000 after purchasing an additional 8,735 shares during the last quarter. Thomasville National Bank increased its stake in shares of Salesforce by 1.2% during the 1st quarter. Thomasville National Bank now owns 102,231 shares of the CRM provider's stock worth $27,435,000 after purchasing an additional 1,221 shares during the last quarter. Finally, Bellecapital International Ltd. increased its stake in shares of Salesforce by 95.4% during the 1st quarter. Bellecapital International Ltd. now owns 2,566 shares of the CRM provider's stock worth $689,000 after purchasing an additional 1,253 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Price Performance

Shares of NYSE:CRM traded down $8.66 during midday trading on Friday, reaching $258.25. 7,647,008 shares of the company's stock were exchanged, compared to its average volume of 6,536,741. The company's 50 day simple moving average is $268.09 and its two-hundred day simple moving average is $299.93. The firm has a market capitalization of $246.89 billion, a PE ratio of 42.48, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings data 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 company had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm earned $2.44 EPS. Equities research analysts expect that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce's dividend payout ratio is currently 25.98%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CRM shares. Northland Securities dropped their price target on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Erste Group Bank lowered shares of Salesforce from a "buy" rating to a "hold" rating in a research note on Thursday, June 5th. Oppenheimer reiterated an "outperform" rating and issued a $370.00 target price on shares of Salesforce in a research note on Tuesday. Finally, Wells Fargo & Company raised their target price on shares of Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $346.34.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 1,909 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares in the company, valued at approximately $3,218,599.80. This trade represents a 14.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the sale, the chief financial officer now owns 46,750 shares of the company's stock, valued at $12,967,047.50. The trade was a 11.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 40,332 shares of company stock valued at $11,024,802 in the last ninety days. Insiders own 3.20% of the company's stock.

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.