Perpetual Ltd Raises Stock Holdings in Salesforce Inc. (NYSE:CRM)

Perpetual Ltd grew its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 26.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,022 shares of the CRM provider's stock after purchasing an additional 2,097 shares during the quarter. Perpetual Ltd's holdings in Salesforce were worth $2,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the business. Holistic Planning LLC raised its holdings in shares of Salesforce by 10.2% during the first quarter. Holistic Planning LLC now owns 985 shares of the CRM provider's stock valued at $264,000 after purchasing an additional 91 shares during the period. PDS Planning Inc raised its holdings in Salesforce by 8.3% during the first quarter. PDS Planning Inc now owns 5,103 shares of the CRM provider's stock worth $1,369,000 after buying an additional 392 shares during the last quarter. Bank of Stockton increased its position in shares of Salesforce by 3.9% during the first quarter. Bank of Stockton now owns 1,422 shares of the CRM provider's stock worth $382,000 after acquiring an additional 53 shares in the last quarter. Austin Asset Management Co Inc boosted its stake in Salesforce by 27.3% during the 1st quarter. Austin Asset Management Co Inc now owns 815 shares of the CRM provider's stock valued at $219,000 after purchasing an additional 175 shares during the last quarter. Finally, Atala Financial Inc lifted its holdings in shares of Salesforce by 25.2% in the first quarter. Atala Financial Inc now owns 7,292 shares of the CRM provider's stock valued at $1,958,000 after purchasing an additional 1,467 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRM has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 29th. Barclays decreased their target price on Salesforce from $425.00 to $347.00 and set an "overweight" rating for the company in a research report on Thursday, May 29th. Sanford C. Bernstein increased their target price on shares of Salesforce from $243.00 to $255.00 and gave the company an "underperform" rating in a research report on Thursday, May 29th. Oppenheimer reissued an "outperform" rating and set a $370.00 price objective on shares of Salesforce in a report on Tuesday, June 10th. Finally, Macquarie reissued a "neutral" rating and issued a $320.00 price objective on shares of Salesforce in a report on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Salesforce has a consensus rating of "Moderate Buy" and a consensus price target of $349.08.

Insiders Place Their Bets

In related news, insider Parker Harris sold 1,142 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $299,603.70. Following the completion of the sale, the insider now directly owns 136,824 shares of the company's stock, valued at approximately $35,895,776.40. This represents a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 1,256 shares of the stock in a transaction on Wednesday, April 16th. The stock was 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 owns 12,826 shares of the company's stock, valued at $3,248,954.06. The trade was a 8.92% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,284 shares of company stock worth $6,996,762. Company insiders own 3.20% of the company's stock.

Salesforce Stock Performance

Shares of NYSE:CRM traded up $1.98 during midday trading on Friday, reaching $272.72. 21,736,713 shares of the company's stock traded hands, compared to its average volume of 6,529,239. Salesforce Inc. has a one year low of $230.00 and a one year high of $369.00. The stock has a 50 day moving average of $270.38 and a 200 day moving average of $294.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $260.72 billion, a price-to-earnings ratio of 42.68, a P/E/G ratio of 2.48 and a beta of 1.38.

Salesforce (NYSE:CRM - Get Free Report) last posted its 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. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter in the previous year, the firm posted $2.44 EPS. The firm's revenue was up 7.6% on a year-over-year basis. As a group, equities research analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current fiscal 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. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.61%. Salesforce's dividend payout ratio is currently 25.98%.

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.