Salesforce Inc. (NYSE:CRM) Shares Bought by Renaissance Investment Group LLC

Key Points

• Renaissance Investment Group LLC increased its holdings in Salesforce by 11.1%, acquiring an additional 2,547 shares, bringing their total to 25,480 shares valued at $6.84 million at the end of the most recent quarter.
• Salesforce reported earnings of $2.58 per share, exceeding estimates, with quarterly revenues hitting $9.83 billion, representing a year-over-year increase of 7.6%.
• Insider trading activity included CEO Marc Benioff selling 2,250 shares valued at approximately $606,105, though he still retains over 11.9 million shares in the company.

Renaissance Investment Group LLC boosted its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 11.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,480 shares of the CRM provider's stock after buying an additional 2,547 shares during the quarter. Renaissance Investment Group LLC's holdings in Salesforce were worth $6,838,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Bernard Wealth Management Corp. acquired a new stake in Salesforce during the fourth quarter worth approximately $25,000. Accredited Wealth Management LLC bought a new stake in Salesforce during the fourth quarter worth $27,000. Capital A Wealth Management LLC lifted its stake in Salesforce by 450.0% during the first 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 lifted its stake in shares of Salesforce by 314.8% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after acquiring an additional 85 shares during the last quarter. Finally, Abound Financial LLC bought a new position in shares of Salesforce in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Trading Down 3.0%

Salesforce stock traded down $7.72 during mid-day trading on Friday, hitting $250.61. The company's stock had a trading volume of 5,353,094 shares, compared to its average volume of 7,085,196. The firm has a market capitalization of $239.59 billion, a PE ratio of 39.23, a price-to-earnings-growth ratio of 2.40 and a beta of 1.36. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The stock's fifty day moving average is $266.48 and its two-hundred day moving average is $282.69.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. The business had revenue of $9.83 billion for 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 company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm earned $2.44 earnings per share. On average, analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were issued 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 0.7%. Salesforce's dividend payout ratio (DPR) is currently 25.98%.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $259.67, for a total transaction of $584,257.50. Following the completion of the sale, the chief executive officer directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of the firm'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 transaction of $1,975,615.00. Following the transaction, the insider directly owned 41,422 shares of the company's stock, valued at approximately $12,219,490. This trade represents a 13.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,729 shares of company stock worth $10,763,881. Corporate insiders own 3.20% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on CRM shares. Morgan Stanley reaffirmed an "overweight" rating and set a $404.00 target price (up from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. The Goldman Sachs Group increased their price target on Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Canaccord Genuity Group reduced their target price on Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company raised their price target on shares of Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research report on Thursday, May 29th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, Salesforce has an average rating of "Moderate Buy" and a consensus price target of $348.16.

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.