Salesforce, Inc. (NYSE:CRM) Shares Acquired by Procyon Advisors LLC

Procyon Advisors LLC grew its stake in Salesforce, Inc. (NYSE:CRM - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,727 shares of the CRM provider's stock after buying an additional 2,610 shares during the period. Procyon Advisors LLC's holdings in Salesforce were worth $9,319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Athena Investment Management acquired a new stake in shares of Salesforce in the 4th quarter valued at about $236,000. Jag Capital Management LLC grew its stake in Salesforce by 2,507.9% in the fourth quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider's stock valued at $7,926,000 after acquiring an additional 22,797 shares during the period. Lecap Asset Management Ltd. bought a new stake in shares of Salesforce during the fourth quarter valued at approximately $2,861,000. Atlantic Union Bankshares Corp raised its position in shares of Salesforce by 2.7% during the fourth quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider's stock worth $9,146,000 after purchasing an additional 723 shares during the period. Finally, Dash Acquisitions Inc. raised its position in shares of Salesforce by 2.6% during the fourth quarter. Dash Acquisitions Inc. now owns 60,521 shares of the CRM provider's stock worth $21,785,000 after purchasing an additional 1,525 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Salesforce news, insider Miguel Milano sold 705 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the completion of the transaction, the insider now directly owns 9,323 shares of the company's stock, valued at $2,605,219.12. This represents a 7.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total value of $1,725,518.77. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at $12,967,047.50. This represents a 11.74% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,332 shares of company stock worth $11,024,802. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

CRM stock traded up $7.34 during trading on Friday, hitting $274.48. The company had a trading volume of 7,500,949 shares, compared to its average volume of 6,591,171. The firm has a market cap of $262.40 billion, a PE ratio of 45.14, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $266.48 and a 200-day moving average price of $302.92. Salesforce, Inc. has a 1-year low of $227.77 and a 1-year 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 EPS for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. Salesforce's quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.44 earnings per share. On average, analysts expect that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be paid a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce's payout ratio is 25.98%.

Analyst Ratings Changes

Several equities analysts recently weighed in on CRM shares. The Goldman Sachs Group raised 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. Needham & Company LLC restated a "buy" rating and issued a $400.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Royal Bank of Canada cut Salesforce from an "outperform" rating to a "sector perform" rating and cut their target price for the company from $420.00 to $275.00 in a research report on Thursday, May 29th. Cantor Fitzgerald assumed coverage on Salesforce in a research report on Tuesday. They issued an "overweight" rating and a $325.00 price target for the company. Finally, Wells Fargo & Company raised their price objective on Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, nine have assigned 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, the company has a consensus rating of "Moderate Buy" and a consensus target price of $346.34.

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.