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Rathbones Group PLC Acquires 133,465 Shares of Salesforce Inc. (NYSE:CRM)

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Key Points

  • Rathbones Group PLC increased its holdings in Salesforce Inc. by 30.8%, owning approximately $152.29 million worth of shares after acquiring an additional 133,465 shares in the first quarter.
  • Salesforce Inc. has a current market cap of $222.23 billion, with institutional investors owning about 80.43% of the company's stock.
  • Salesforce reported an earnings per share (EPS) of $2.58 for the last quarter, exceeding analyst estimates and demonstrating a revenue increase of 7.6% year-over-year.
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Rathbones Group PLC increased its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 30.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 567,493 shares of the CRM provider's stock after acquiring an additional 133,465 shares during the period. Rathbones Group PLC owned about 0.06% of Salesforce worth $152,292,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce in the fourth quarter worth about $25,000. Accredited Wealth Management LLC bought a new position in Salesforce in the fourth quarter worth about $27,000. Capital A Wealth Management LLC raised its stake in Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after buying an additional 90 shares in the last quarter. CBIZ Investment Advisory Services LLC raised its stake in Salesforce by 314.8% in the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after buying an additional 85 shares in the last quarter. Finally, Abound Financial LLC bought a new position in Salesforce in the first quarter worth about $31,000. Institutional investors own 80.43% of the company's stock.

Analysts Set New Price Targets

CRM has been the subject of a number of research reports. Canaccord Genuity Group decreased their price target on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Westpark Capital reissued a "buy" rating and issued a $320.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. Sanford C. Bernstein increased their price target on shares of Salesforce from $243.00 to $255.00 and gave the stock an "underperform" rating in a research note on Thursday, May 29th. Northland Securities dropped their price objective on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Finally, DA Davidson reissued an "underperform" rating and set a $200.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Three 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $348.16.

View Our Latest Analysis on CRM

Insider Activity

In other news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $259.67, for a total value of $584,257.50. Following the transaction, the chief executive officer owned 11,955,566 shares of the company's stock, valued at $3,104,501,823.22. This trade represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 6,697 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 41,422 shares in the company, valued at $12,219,490. This trade represents a 13.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 50,979 shares of company stock worth $13,530,369 in the last ninety days. Corporate insiders own 3.00% of the company's stock.

Salesforce Stock Performance

Shares of Salesforce stock traded down $1.28 during trading hours on Tuesday, reaching $231.40. 13,176,549 shares of the stock traded hands, compared to its average volume of 6,272,324. The company has a 50 day moving average price of $262.23 and a 200 day moving average price of $277.72. The firm has a market capitalization of $221.22 billion, a price-to-earnings ratio of 36.21, a P/E/G ratio of 2.11 and a beta of 1.37. Salesforce Inc. has a one year low of $226.48 and a one year high of $369.00. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. The business 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 12.94% and a net margin of 16.08%. The business's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.44 EPS. On average, equities research 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. Stockholders of record on Wednesday, June 18th were paid a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.7%. Salesforce's dividend payout ratio (DPR) is 25.98%.

About Salesforce

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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