Raiffeisen Bank International AG Grows Stock Position in Salesforce Inc. (NYSE:CRM)

Key Points

• Raiffeisen Bank International AG increased its stake in Salesforce Inc. by 35% during the first quarter, acquiring an additional 68,821 shares, bringing its total holdings to 265,369 shares valued at approximately $71.64 million.
• Salesforce's recent quarterly earnings beat estimates with reported earnings per share of $2.58 and revenue of $9.83 billion, marking a year-over-year increase of 7.6%.
• Several analysts have adjusted their price targets for Salesforce, with Citigroup lowering its target from $320 to $295, while Goldman Sachs raised its target from $340 to $385.

Raiffeisen Bank International AG boosted its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 35.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 265,369 shares of the CRM provider's stock after acquiring an additional 68,821 shares during the quarter. Salesforce accounts for about 1.1% of Raiffeisen Bank International AG's portfolio, making the stock its 20th biggest holding. Raiffeisen Bank International AG's holdings in Salesforce were worth $71,640,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Notis McConarty Edward lifted its stake in Salesforce by 71.6% in the 1st quarter. Notis McConarty Edward now owns 3,844 shares of the CRM provider's stock valued at $1,032,000 after buying an additional 1,604 shares in the last quarter. Alecta Tjanstepension Omsesidigt boosted its stake in shares of Salesforce by 121.9% in the first quarter. Alecta Tjanstepension Omsesidigt now owns 355,000 shares of the CRM provider's stock worth $95,222,000 after acquiring an additional 195,000 shares during the last quarter. Delaney Dennis R increased its position in shares of Salesforce by 66.1% during the first quarter. Delaney Dennis R now owns 5,694 shares of the CRM provider's stock worth $1,528,000 after purchasing an additional 2,266 shares in the last quarter. Journey Strategic Wealth LLC raised its stake in Salesforce by 34.5% in the 1st quarter. Journey Strategic Wealth LLC now owns 4,948 shares of the CRM provider's stock valued at $1,328,000 after purchasing an additional 1,270 shares during the last quarter. Finally, Mathes Company Inc. lifted its holdings in Salesforce by 396.9% in the 1st quarter. Mathes Company Inc. now owns 12,298 shares of the CRM provider's stock valued at $3,300,000 after purchasing an additional 9,823 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Stock Up 0.6%

NYSE CRM traded up $1.38 during trading on Wednesday, reaching $248.87. 5,825,518 shares of the company's stock were exchanged, compared to its average volume of 7,073,268. The company has a 50 day moving average price of $265.03 and a two-hundred day moving average price of $280.90. The stock has a market cap of $237.92 billion, a P/E ratio of 38.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.37. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. 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 (NYSE:CRM - Get Free Report) last posted its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share 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 analysts' expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm's revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.44 earnings per share. On average, equities research analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were paid a $0.416 dividend. This represents a $1.66 annualized dividend and a yield of 0.7%. The ex-dividend date was Wednesday, June 18th. Salesforce's dividend payout ratio is currently 25.98%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Canaccord Genuity Group reduced their target price on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. BMO Capital Markets decreased their target price on shares of Salesforce from $350.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, July 10th. UBS Group set a $404.00 price target on Salesforce and gave the company an "overweight" rating in a research report on Wednesday, June 18th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $275.00 price objective on shares of Salesforce in a research report on Monday, July 14th. Finally, Stephens cut their target price on Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $348.16.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the completion of the sale, the insider owned 41,422 shares in the company, valued at approximately $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $259.67, for a total transaction of $584,257.50. Following the transaction, the chief executive officer owned 11,955,566 shares in the company, valued at approximately $3,104,501,823.22. This trade represents a 0.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,229 shares of company stock valued at $11,898,691 in the last 90 days. 3.20% of the stock is currently owned by insiders.

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.