Salesforce Inc. (NYSE:CRM) Shares Sold by Sienna Gestion

Key Points

• Sienna Gestion has reduced its holdings in Salesforce Inc. (NYSE:CRM) by 10.7% during the first quarter, now owning 44,075 shares worth approximately $11.5 million.
• Salesforce reported quarterly earnings of $2.58 per share, surpassing analysts' expectations, with revenue hitting $9.83 billion, a 7.6% increase year-over-year.
• Institutional investors currently hold 80.43% of Salesforce's stock, indicating strong support from large financial entities.

Sienna Gestion lessened its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 10.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,075 shares of the CRM provider's stock after selling 5,282 shares during the quarter. Salesforce makes up 0.9% of Sienna Gestion's portfolio, making the stock its 24th biggest position. Sienna Gestion's holdings in Salesforce were worth $11,497,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce in the fourth quarter worth $25,000. Accredited Wealth Management LLC purchased a new position in Salesforce in the fourth quarter worth about $27,000. Capital A Wealth Management LLC boosted its position in Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after purchasing an additional 90 shares during the last quarter. CBIZ Investment Advisory Services LLC boosted its position in Salesforce by 314.8% in the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after purchasing an additional 85 shares during the last quarter. Finally, Abound Financial LLC bought a new position in shares of Salesforce in the first quarter worth about $31,000. Institutional investors own 80.43% of the company's stock.

Insider Buying and Selling at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $260.30, for a total transaction of $585,675.00. Following the transaction, the chief executive officer owned 11,955,566 shares in the company, valued at approximately $3,112,033,829.80. This trade represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 46,532 shares of company stock valued at $12,082,694 in the last quarter. Company insiders own 3.00% of the company's stock.

Salesforce Stock Up 4.0%

Salesforce stock traded up $9.41 during midday trading on Friday, reaching $242.78. The company's stock had a trading volume of 12,936,592 shares, compared to its average volume of 6,984,759. The stock's 50-day simple moving average is $261.05 and its 200-day simple moving average is $276.65. 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 52-week low of $226.48 and a 52-week high of $369.00. The stock has a market capitalization of $232.10 billion, a P/E ratio of 37.99, a PEG ratio of 2.12 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same period last year, the business posted $2.44 earnings per share. The firm's revenue was up 7.6% compared to the same quarter last year. On average, sell-side analysts expect that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were given a $0.416 dividend. This represents a $1.66 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is 25.98%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. DA Davidson raised Salesforce from an "underperform" rating to a "neutral" rating and set a $225.00 price objective on the stock in a research note on Friday. Citigroup reduced their price objective on Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Canaccord Genuity Group reduced their price objective on Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Mizuho dropped their target price on Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a report on Thursday, May 15th. Finally, The Goldman Sachs Group upped their price objective on Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $347.50.

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.