Palumbo Wealth Management LLC Boosts Position in Salesforce Inc. (NYSE:CRM)

Palumbo Wealth Management LLC raised its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 32.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,231 shares of the CRM provider's stock after buying an additional 1,286 shares during the period. Palumbo Wealth Management LLC's holdings in Salesforce were worth $1,404,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Pursue Wealth Partners LLC increased its holdings in Salesforce by 48.9% during the first quarter. Pursue Wealth Partners LLC now owns 7,547 shares of the CRM provider's stock valued at $2,025,000 after buying an additional 2,477 shares during the last quarter. Flagship Harbor Advisors LLC increased its holdings in Salesforce by 3.9% during the first quarter. Flagship Harbor Advisors LLC now owns 10,763 shares of the CRM provider's stock valued at $2,888,000 after buying an additional 401 shares during the last quarter. First Bancorp Inc ME boosted its position in shares of Salesforce by 20.5% in the first quarter. First Bancorp Inc ME now owns 3,649 shares of the CRM provider's stock worth $979,000 after purchasing an additional 622 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in shares of Salesforce by 2.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 126,942 shares of the CRM provider's stock worth $34,066,000 after purchasing an additional 2,860 shares in the last quarter. Finally, Crumly & Associates Inc. increased its stake in shares of Salesforce by 2.3% in the first quarter. Crumly & Associates Inc. now owns 2,228 shares of the CRM provider's stock worth $598,000 after purchasing an additional 51 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of analyst reports. Northland Securities reduced their price objective on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Stifel Nicolaus reduced their price objective on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. The Goldman Sachs Group increased their price objective 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. Piper Sandler increased their price objective on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 28th. Finally, BMO Capital Markets reduced their price objective on shares of Salesforce from $367.00 to $350.00 and set an "outperform" rating for the company in a research note on Tuesday, May 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Salesforce presently has an average rating of "Moderate Buy" and a consensus price target of $349.08.

Insider Transactions at Salesforce

In related news, CEO Brian Millham sold 979 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $253.66, for a total value of $248,333.14. Following the transaction, the chief executive officer now owns 6,487 shares of the company's stock, valued at $1,645,492.42. This trade represents a 13.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Miguel Milano sold 705 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $279.44, for a total transaction of $197,005.20. Following the completion of the transaction, the insider now directly owns 9,323 shares in the company, valued at $2,605,219.12. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,992 shares of company stock worth $6,704,198. 3.20% of the stock is currently owned by insiders.

Salesforce Price Performance

CRM stock traded up $2.51 during trading on Monday, hitting $263.14. 9,275,001 shares of the company's stock traded hands, compared to its average volume of 6,501,274. The business has a fifty day simple moving average of $268.69 and a 200 day simple moving average of $296.11. The stock has a market capitalization of $251.56 billion, a price-to-earnings ratio of 41.18, a P/E/G ratio of 2.36 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. Salesforce Inc. has a 52 week low of $230.00 and a 52 week high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business's revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the business earned $2.44 EPS. As a group, research analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a $0.416 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.63%. 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.