Salesforce Inc. $CRM Shares Bought by Korea Investment CORP

Key Points

• Korea Investment CORP increased its stake in Salesforce Inc. by 3.1% in the first quarter, now owning 812,404 shares worth approximately $218 million.
• Salesforce's recent quarterly earnings surpassed estimates, reporting $2.58 earnings per share and $9.83 billion in revenue, marking a 7.6% increase from the same period last year.
• CEO Marc Benioff sold 2,250 shares of Salesforce stock, reducing his ownership slightly while institutional investors currently hold 80.43% of the company's stock.

Korea Investment CORP boosted its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 812,404 shares of the CRM provider's stock after buying an additional 24,781 shares during the quarter. Salesforce accounts for approximately 0.5% of Korea Investment CORP's portfolio, making the stock its 28th largest holding. Korea Investment CORP owned 0.08% of Salesforce worth $218,017,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $27,000. Capital A Wealth Management LLC grew its position in shares of Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after purchasing an additional 90 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its position in shares of Salesforce by 314.8% in the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after purchasing an additional 85 shares during the last quarter. Finally, Abound Financial LLC acquired a new stake in shares of Salesforce in the first quarter valued at approximately $31,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $260.30, for a total transaction of $585,675.00. Following the completion of the transaction, the chief executive officer directly owned 11,955,566 shares of the company's stock, valued at $3,112,033,829.80. This trade represents a 0.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 46,532 shares of company stock worth $12,082,694. 3.00% of the stock is owned by company insiders.

Salesforce Price Performance

Shares of CRM stock opened at $242.78 on Monday. The firm has a market cap of $232.10 billion, a P/E ratio of 37.99, a P/E/G ratio of 2.20 and a beta of 1.37. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. Salesforce Inc. has a 1-year low of $226.48 and a 1-year high of $369.00. The firm has a fifty day moving average of $260.41 and a two-hundred day moving average of $274.82.

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 for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the business earned $2.44 EPS. As a group, research analysts anticipate 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 issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is currently 25.98%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley reiterated an "overweight" rating and issued a $404.00 price target (up from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Northland Securities lowered their price target on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating on the stock in a research report on Thursday, May 29th. Canaccord Genuity Group lowered their price target on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Piper Sandler raised their target price on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. Finally, Mizuho lowered their target price on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a research note on Thursday, May 15th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $347.50.

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.

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