S Bank Fund Management Ltd Invests $5.90 Million in Salesforce Inc. (NYSE:CRM)

Key Points

• S Bank Fund Management Ltd has invested approximately $5.90 million in Salesforce Inc., acquiring 21,965 shares, which accounts for about 1.1% of its total portfolio.
• Insider trading activity includes CEO Marc Benioff selling 2,250 shares, representing a 0.02% decrease in his ownership, while a total of 44,282 shares were sold by insiders last quarter.
• Salesforce's stock has a consensus rating of "Moderate Buy" from analysts, with a target price averaging $348.16, despite mixed ratings and a recent price target decrease from Citigroup to $295.00.

S Bank Fund Management Ltd bought a new position in Salesforce Inc. (NYSE:CRM - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 21,965 shares of the CRM provider's stock, valued at approximately $5,895,000. Salesforce comprises about 1.1% of S Bank Fund Management Ltd's portfolio, making the stock its 29th largest position.

A number of other institutional investors have also recently modified their holdings of the stock. Notis McConarty Edward boosted its position in Salesforce by 71.6% in the first quarter. Notis McConarty Edward now owns 3,844 shares of the CRM provider's stock worth $1,032,000 after purchasing an additional 1,604 shares during the last quarter. Alecta Tjanstepension Omsesidigt raised its stake in Salesforce by 121.9% during the 1st quarter. Alecta Tjanstepension Omsesidigt now owns 355,000 shares of the CRM provider's stock valued at $95,222,000 after purchasing an additional 195,000 shares during the period. Delaney Dennis R raised its stake in Salesforce by 66.1% during the 1st quarter. Delaney Dennis R now owns 5,694 shares of the CRM provider's stock valued at $1,528,000 after purchasing an additional 2,266 shares during the period. Journey Strategic Wealth LLC increased its stake in Salesforce by 34.5% in the 1st quarter. Journey Strategic Wealth LLC now owns 4,948 shares of the CRM provider's stock worth $1,328,000 after acquiring an additional 1,270 shares during the last quarter. Finally, Mathes Company Inc. increased its stake in Salesforce by 396.9% in the 1st quarter. Mathes Company Inc. now owns 12,298 shares of the CRM provider's stock worth $3,300,000 after acquiring an additional 9,823 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $236.45, for a total transaction of $532,012.50. Following the sale, the chief executive officer owned 11,911,571 shares in the company, valued at approximately $2,816,490,962.95. The trade was a 0.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 44,282 shares of company stock valued at $11,554,754 in the last quarter. Insiders own 3.00% of the company's stock.

Analysts Set New Price Targets

CRM has been the subject of a number of recent research reports. Citigroup dropped their target price on Salesforce from $320.00 to $295.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Cantor Fitzgerald lowered Salesforce from an "overweight" rating to a "cautious" rating in a research report on Thursday, July 10th. UBS Group set a $404.00 target price on Salesforce and gave the company an "overweight" rating in a research report on Wednesday, June 18th. Erste Group Bank downgraded Salesforce from a "buy" rating to a "hold" rating in a research note on Thursday, June 5th. Finally, Barclays lowered their target price on Salesforce from $425.00 to $347.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Salesforce has a consensus rating of "Moderate Buy" and an average target price of $348.16.

Salesforce Price Performance

CRM stock opened at $231.40 on Wednesday. The firm has a 50 day moving average of $262.23 and a 200-day moving average of $277.72. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 12 month low of $226.48 and a 12 month high of $369.00. The firm has a market capitalization of $221.22 billion, a P/E ratio of 36.21, a price-to-earnings-growth ratio of 2.11 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business's revenue was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $2.44 earnings per share. As a group, sell-side analysts predict that Salesforce Inc. will post 7.46 earnings per share for the current fiscal 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 $0.416 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce's payout ratio is 25.98%.

Salesforce Company 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.

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