Oppenheimer & Co. Inc. Buys 2,958 Shares of Salesforce Inc. (NYSE:CRM)

Oppenheimer & Co. Inc. grew its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 5.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,137 shares of the CRM provider's stock after buying an additional 2,958 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Salesforce were worth $14,260,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CRM. Geode Capital Management LLC boosted its position in Salesforce by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock worth $6,656,078,000 after buying an additional 175,035 shares during the period. Fisher Asset Management LLC increased its stake in shares of Salesforce by 1.4% in the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock valued at $4,163,703,000 after buying an additional 177,321 shares during the period. Northern Trust Corp increased its position in Salesforce by 18.3% during the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock valued at $3,752,830,000 after purchasing an additional 1,736,667 shares during the period. Norges Bank acquired a new stake in shares of Salesforce during the fourth quarter worth $3,599,867,000. Finally, Price T Rowe Associates Inc. MD boosted its position in Salesforce by 23.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock valued at $2,988,422,000 after acquiring an additional 1,683,233 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Price Performance

Shares of NYSE:CRM opened at $260.79 on Monday. The firm has a market capitalization of $249.31 billion, a PE ratio of 40.81, a P/E/G ratio of 2.36 and a beta of 1.38. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $268.51 and a two-hundred day moving average price of $296.80. Salesforce Inc. has a twelve month low of $230.00 and a twelve month high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.44 earnings per share. 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 will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be given a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a dividend yield of 0.64%. The ex-dividend date is Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is currently 25.98%.

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 1,256 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $318,157.36. Following the completion of the sale, the chief accounting officer now directly owns 12,826 shares in the company, valued at approximately $3,248,954.06. The trade was a 8.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R David Schmaier sold 1,785 shares of Salesforce stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total transaction of $514,686.90. Following the completion of the transaction, the insider now owns 29,190 shares in the company, valued at approximately $8,416,644.60. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,992 shares of company stock worth $6,704,198 over the last 90 days. Corporate insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

CRM has been the topic of several recent analyst reports. Erste Group Bank lowered Salesforce from a "buy" rating to a "hold" rating in a research note on Thursday, June 5th. Canaccord Genuity Group decreased their target price on Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Wells Fargo & Company increased their target price on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a report on Thursday, May 29th. Stifel Nicolaus decreased their target price on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Finally, Stephens lowered their price objective on Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat, Salesforce presently has a consensus rating of "Moderate Buy" and a consensus target price of $349.08.

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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