Rice Partnership LLC acquired a new position in Salesforce Inc. (NYSE:CRM - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 7,942 shares of the CRM provider's stock, valued at approximately $2,131,000.
A number of other large investors also recently modified their holdings of CRM. McGlone Suttner Wealth Management Inc. raised its holdings in shares of Salesforce by 8.4% during the 1st quarter. McGlone Suttner Wealth Management Inc. now owns 3,053 shares of the CRM provider's stock valued at $819,000 after buying an additional 237 shares during the period. Sierra Ocean LLC raised its holdings in shares of Salesforce by 47.5% during the 1st quarter. Sierra Ocean LLC now owns 205 shares of the CRM provider's stock valued at $55,000 after buying an additional 66 shares during the period. Vickerman Investment Advisors Inc. raised its holdings in shares of Salesforce by 10.9% during the 1st quarter. Vickerman Investment Advisors Inc. now owns 15,020 shares of the CRM provider's stock valued at $4,031,000 after buying an additional 1,472 shares during the period. Compton Wealth Advisory Group LLC raised its holdings in shares of Salesforce by 1.5% during the 1st quarter. Compton Wealth Advisory Group LLC now owns 8,289 shares of the CRM provider's stock valued at $2,224,000 after buying an additional 122 shares during the period. Finally, Novare Capital Management LLC raised its holdings in shares of Salesforce by 1.3% during the 1st quarter. Novare Capital Management LLC now owns 33,702 shares of the CRM provider's stock valued at $9,044,000 after buying an additional 423 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the company. Cantor Fitzgerald restated an "overweight" rating and set a $325.00 price objective on shares of Salesforce in a research note on Thursday, June 26th. The Goldman Sachs Group raised their price objective on Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. UBS Group set a $404.00 price objective on Salesforce and gave the company an "overweight" rating in a research note on Wednesday, June 18th. 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. Finally, Northland Securities lowered their price objective on Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $349.08.
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Insider Activity
In related news, CAO Sundeep G. Reddy sold 1,525 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total transaction of $386,831.50. Following the transaction, the chief accounting officer directly owned 12,211 shares of the company's stock, valued at approximately $3,097,442.26. The trade was a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R David Schmaier sold 6,959 shares of the company's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the transaction, the insider directly owned 36,090 shares in the company, valued at $9,141,957.90. The trade was a 16.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,534 shares of company stock valued at $7,609,842 in the last ninety days. Corporate insiders own 3.20% of the company's stock.
Salesforce Price Performance
Shares of CRM traded up $2.37 during midday trading on Friday, reaching $271.58. The stock had a trading volume of 5,031,804 shares, compared to its average volume of 6,543,799. Salesforce Inc. has a 52 week low of $230.00 and a 52 week high of $369.00. The company has a market capitalization of $259.63 billion, a P/E ratio of 42.50, a P/E/G ratio of 2.47 and a beta of 1.36. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The firm's 50 day moving average price is $272.28 and its 200-day moving average price is $291.46.
Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating 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 business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same period in the prior year, the business posted $2.44 earnings per share. Salesforce's revenue was up 7.6% compared to the same quarter last year. On average, analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.
Salesforce Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be given a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a yield of 0.61%. The ex-dividend date is Wednesday, June 18th. Salesforce's payout ratio 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.
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