Pier 88 Investment Partners LLC Makes New $759,000 Investment in Salesforce Inc. (NYSE:CRM)

Pier 88 Investment Partners LLC acquired a new position in shares of Salesforce Inc. (NYSE:CRM - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,830 shares of the CRM provider's stock, valued at approximately $759,000.

A number of other large investors have also recently bought and sold shares of CRM. Bernard Wealth Management Corp. bought a new position in Salesforce in the 4th quarter valued at approximately $25,000. Accredited Wealth Management LLC bought a new position in Salesforce during the 4th quarter worth approximately $27,000. Capital A Wealth Management LLC raised its holdings in Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after purchasing an additional 90 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its holdings in Salesforce by 314.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after purchasing an additional 85 shares during the last quarter. Finally, Abound Financial LLC bought a new position in Salesforce during the 1st quarter worth approximately $31,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider R David Schmaier sold 4,586 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total transaction of $1,163,284.76. Following the sale, the insider owned 33,273 shares in the company, valued at approximately $8,440,029.18. This represents a 12.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Srinivas Tallapragada sold 6,697 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the sale, the insider owned 41,422 shares in the company, valued at $12,219,490. The trade was a 13.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,069 shares of company stock worth $9,698,893 in the last three months. 3.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Mizuho cut their price target on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a report on Thursday, May 15th. JMP Securities reiterated a "market outperform" rating and set a $430.00 target price on shares of Salesforce in a research report on Friday, July 11th. Citigroup cut their target price on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Finally, BMO Capital Markets lowered their price target on shares of Salesforce from $350.00 to $335.00 and set an "outperform" rating on the stock in a report on Thursday, July 10th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $348.16.

Salesforce Stock Up 0.4%

Shares of CRM stock traded up $1.10 during mid-day trading on Tuesday, reaching $263.38. 1,713,989 shares of the company's stock traded hands, compared to its average volume of 6,545,735. The company's 50-day moving average price is $270.45 and its 200-day moving average price is $285.85. 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 market cap of $251.79 billion, a P/E ratio of 41.28, a P/E/G ratio of 2.38 and a beta of 1.36. Salesforce Inc. has a 12 month low of $230.00 and a 12 month high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly 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 return on equity of 12.94% and a net margin of 16.08%. Salesforce's quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.44 EPS. On average, equities analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were paid a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce's dividend payout ratio (DPR) is presently 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.

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