Red Door Wealth Management LLC Purchases 1,626 Shares of Salesforce Inc. (NYSE:CRM)

Red Door Wealth Management LLC grew its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 7.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,306 shares of the CRM provider's stock after buying an additional 1,626 shares during the period. Red Door Wealth Management LLC's holdings in Salesforce were worth $5,986,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. WASHINGTON TRUST Co lifted its holdings in Salesforce by 0.8% in the first quarter. WASHINGTON TRUST Co now owns 69,823 shares of the CRM provider's stock valued at $18,738,000 after acquiring an additional 532 shares during the period. Argent Advisors Inc. grew its position in shares of Salesforce by 6.2% in the first quarter. Argent Advisors Inc. now owns 5,069 shares of the CRM provider's stock valued at $1,360,000 after purchasing an additional 295 shares in the last quarter. Canandaigua National Bank & Trust Co. boosted its position in shares of Salesforce by 3.0% during the 1st quarter. Canandaigua National Bank & Trust Co. now owns 11,671 shares of the CRM provider's stock valued at $3,132,000 after acquiring an additional 339 shares during the last quarter. Valley National Advisers Inc. raised its position in shares of Salesforce by 3.4% during the 1st quarter. Valley National Advisers Inc. now owns 9,644 shares of the CRM provider's stock valued at $2,587,000 after buying an additional 313 shares during the period. Finally, Canandaigua National Trust Co of Florida lifted its stake in shares of Salesforce by 1.9% in the 1st quarter. Canandaigua National Trust Co of Florida now owns 3,200 shares of the CRM provider's stock valued at $859,000 after purchasing an additional 60 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRM. Barclays decreased their price objective on shares of Salesforce from $425.00 to $347.00 and set an "overweight" rating for the company in a research report on Thursday, May 29th. Morgan Stanley restated an "overweight" rating and set a $404.00 target price (up previously from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Needham & Company LLC restated a "buy" rating and set a $400.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. Citigroup lowered their price objective on Salesforce from $320.00 to $295.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Finally, Erste Group Bank downgraded Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. 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 given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $349.08.

Salesforce Price Performance

NYSE:CRM traded down $4.57 during mid-day trading on Wednesday, hitting $267.34. 3,569,421 shares of the stock traded hands, compared to its average volume of 6,527,484. The company has a market cap of $255.57 billion, a PE ratio of 41.85, a price-to-earnings-growth ratio of 2.47 and a beta of 1.37. 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 business's 50-day moving average price is $271.69 and its 200 day moving average price is $293.08. 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 issued 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. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. The company's revenue was up 7.6% compared to the same quarter last year. On average, analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders 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 dividend yield of 0.62%. Salesforce's dividend payout ratio is currently 25.98%.

Insider Transactions at Salesforce

In other Salesforce news, insider Srinivas Tallapragada sold 1,269 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $332,922.15. Following the completion of the transaction, the insider owned 42,678 shares of the company's stock, valued at approximately $11,196,573.30. This trade represents a 2.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Parker Harris sold 1,142 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $299,603.70. Following the completion of the sale, the insider owned 136,824 shares in the company, valued at $35,895,776.40. The trade was a 0.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,534 shares of company stock worth $7,609,842. 3.20% of the stock is owned by corporate insiders.

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.