Perennial Advisors LLC Purchases Shares of 2,027 Salesforce, Inc. (NYSE:CRM)

Perennial Advisors LLC purchased a new position in Salesforce, Inc. (NYSE:CRM - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,027 shares of the CRM provider's stock, valued at approximately $544,000.

Several other large investors also recently modified their holdings of CRM. Norges Bank bought a new stake in shares of Salesforce during the 4th quarter valued at about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Salesforce by 926.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock worth $1,422,979,000 after buying an additional 3,841,521 shares during the last quarter. GAMMA Investing LLC grew its position in Salesforce by 30,456.9% during the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock valued at $1,020,194,000 after buying an additional 3,789,147 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Salesforce during the 4th quarter worth $1,173,564,000. Finally, Invesco Ltd. grew its position in shares of Salesforce by 42.5% during the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock valued at $2,604,770,000 after acquiring an additional 2,325,156 shares during the period. Institutional investors own 80.43% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Morgan Stanley reiterated an "overweight" rating and set a $404.00 target price (up from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $400.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Piper Sandler boosted their price objective on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research note on Wednesday, May 28th. Westpark Capital reissued a "buy" rating and issued a $320.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Finally, Citigroup decreased their target price on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, nine have issued 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, Salesforce currently has a consensus rating of "Moderate Buy" and an average price target of $346.34.

Insider Activity

In related news, insider Parker Harris sold 3,273 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $931,430.34. Following the completion of the sale, the insider now directly owns 125,146 shares in the company, valued at $35,614,048.68. This represents a 2.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Sundeep G. Reddy sold 1,909 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $543,263.22. Following the completion of the transaction, the chief accounting officer now owns 11,310 shares of the company's stock, valued at $3,218,599.80. This represents a 14.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,332 shares of company stock worth $11,024,802. Corporate insiders own 3.20% of the company's stock.

Salesforce Trading Down 0.8%

Salesforce stock traded down $2.15 during mid-day trading on Monday, hitting $272.36. The company's stock had a trading volume of 5,725,209 shares, compared to its average volume of 6,586,569. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The company has a 50 day moving average of $266.57 and a 200-day moving average of $302.19. Salesforce, Inc. has a one year low of $227.77 and a one year high of $369.00. The stock has a market cap of $260.38 billion, a PE ratio of 44.80, a P/E/G ratio of 2.58 and a beta of 1.38.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion for 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 was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.44 EPS. On average, research analysts anticipate that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders 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 0.61%. The ex-dividend date is Wednesday, June 18th. Salesforce's payout ratio is 25.98%.

About Salesforce

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.