Riversedge Advisors LLC Has $218,000 Stock Position in Salesforce Inc. (NYSE:CRM)

Riversedge Advisors LLC trimmed its position in Salesforce Inc. (NYSE:CRM - Free Report) by 59.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 814 shares of the CRM provider's stock after selling 1,210 shares during the period. Riversedge Advisors LLC's holdings in Salesforce were worth $218,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Millstone Evans Group LLC acquired a new stake in shares of Salesforce in the 4th quarter valued at approximately $823,000. Heartland Bank & Trust Co raised its position in shares of Salesforce by 117.2% in the 1st quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider's stock valued at $1,605,000 after acquiring an additional 3,227 shares during the period. Catalyst Funds Management Pty Ltd acquired a new stake in shares of Salesforce in the 4th quarter valued at approximately $5,249,000. Elwood Capital Partners LP acquired a new stake in shares of Salesforce in the 4th quarter valued at approximately $1,337,000. Finally, Strategic Blueprint LLC raised its holdings in Salesforce by 13.5% during the 1st quarter. Strategic Blueprint LLC now owns 23,828 shares of the CRM provider's stock worth $6,394,000 after buying an additional 2,837 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Down 2.2%

Shares of NYSE:CRM traded down $5.74 during midday trading on Friday, hitting $258.23. The stock had a trading volume of 7,004,264 shares, compared to its average volume of 6,540,561. Salesforce Inc. has a 12 month low of $230.00 and a 12 month 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. The business's 50-day simple moving average is $272.09 and its 200-day simple moving average is $289.24. The company has a market cap of $246.87 billion, a P/E ratio of 40.41, a PEG ratio of 2.39 and a beta of 1.36.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same period in the previous year, the business posted $2.44 earnings per share. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, sell-side analysts forecast 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. Shareholders of record on Wednesday, June 18th were given 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 yield of 0.64%. Salesforce's dividend payout ratio (DPR) is 25.98%.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 1,525 shares of Salesforce stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $253.66, for a total transaction of $386,831.50. Following the completion of the transaction, the chief accounting officer directly owned 12,211 shares of the company's stock, valued at $3,097,442.26. The trade was a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction 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 sold 35,284 shares of company stock valued at $9,444,537. 3.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JMP Securities restated a "market outperform" rating and set a $430.00 target price on shares of Salesforce in a report on Friday. Westpark Capital restated a "buy" rating and set a $320.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Oppenheimer restated an "outperform" rating and set a $370.00 target price on shares of Salesforce in a report on Tuesday, June 10th. Mizuho dropped their target price on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a report on Thursday, May 15th. Finally, Canaccord Genuity Group dropped their target price on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Salesforce presently has a consensus rating of "Moderate Buy" and an average target price of $348.16.

Salesforce 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.