Russell Investments Group Ltd. grew its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 22.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,107,915 shares of the CRM provider's stock after acquiring an additional 200,083 shares during the period. Russell Investments Group Ltd. owned about 0.12% of Salesforce worth $297,493,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Coign Capital Advisors LLC grew its holdings in Salesforce by 1.7% during the 1st quarter. Coign Capital Advisors LLC now owns 2,183 shares of the CRM provider's stock worth $586,000 after acquiring an additional 37 shares in the last quarter. Staley Capital Advisers Inc. boosted its holdings in shares of Salesforce by 1.1% in the 1st quarter. Staley Capital Advisers Inc. now owns 3,343 shares of the CRM provider's stock valued at $897,000 after buying an additional 38 shares during the period. Liberty One Investment Management LLC raised its position in shares of Salesforce by 1.2% during the 1st quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider's stock worth $849,000 after buying an additional 39 shares in the last quarter. First Command Advisory Services Inc. raised its position in shares of Salesforce by 7.3% during the 1st quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider's stock worth $154,000 after buying an additional 39 shares in the last quarter. Finally, Mendel Money Management raised its position in shares of Salesforce by 3.6% during the 1st quarter. Mendel Money Management now owns 1,112 shares of the CRM provider's stock worth $298,000 after buying an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.
Salesforce Trading Down 3.3%
Shares of NYSE:CRM opened at $232.46 on Tuesday. 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 stock's fifty day moving average price is $262.89 and its 200-day moving average price is $278.04. The company has a market cap of $222.23 billion, a P/E ratio of 36.38, a PEG ratio of 2.18 and a beta of 1.37. Salesforce Inc. has a 1 year low of $230.00 and a 1 year 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 EPS for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion during 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 business's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.44 earnings per share. Sell-side analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current year.
Salesforce Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were given a $0.416 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.7%. Salesforce's dividend payout ratio is presently 25.98%.
Insider Buying and Selling
In related news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $240.34, for a total transaction of $540,765.00. Following the completion of the sale, the chief executive officer owned 11,911,571 shares in the company, valued at approximately $2,862,826,974.14. This trade represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 48,729 shares of company stock valued at $12,998,356 in the last three months. Corporate insiders own 3.00% of the company's stock.
Analyst Ratings Changes
CRM has been the subject of a number of recent research reports. The Goldman Sachs Group increased their price objective on shares of Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. BMO Capital Markets decreased their target price on shares of Salesforce from $350.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, July 10th. Wells Fargo & Company upped their price objective on shares of Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 29th. Canaccord Genuity Group lowered their price objective 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, Piper Sandler increased their target price on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, Salesforce presently has an average rating of "Moderate Buy" and a consensus price target of $348.16.
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Salesforce Profile
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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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