Milestone Asset Management LLC Reduces Stock Position in Salesforce, Inc. (NYSE:CRM)

Milestone Asset Management LLC lessened its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 50.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,952 shares of the CRM provider's stock after selling 1,969 shares during the period. Milestone Asset Management LLC's holdings in Salesforce were worth $524,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CRM. Bernard Wealth Management Corp. acquired a new stake in shares of Salesforce in the 4th quarter valued at $25,000. Accredited Wealth Management LLC bought a new stake in Salesforce during the 4th quarter worth $27,000. Arlington Trust Co LLC grew its position in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after acquiring an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new stake in Salesforce during the 4th quarter worth $30,000. Finally, Asset Planning Inc bought a new stake in Salesforce during the 4th quarter worth $31,000. Institutional investors own 80.43% of the company's stock.

Salesforce Stock Performance

Shares of NYSE CRM traded down $1.62 during midday trading on Wednesday, reaching $262.85. The company's stock had a trading volume of 7,368,819 shares, compared to its average volume of 6,634,676. Salesforce, Inc. has a 12-month low of $227.77 and a 12-month high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a 50 day moving average price of $266.65 and a 200-day moving average price of $303.58. The stock has a market capitalization of $251.28 billion, a P/E ratio of 43.23, a PEG ratio of 2.58 and a beta of 1.38.

Salesforce (NYSE:CRM - Get Free Report) last posted its earnings results 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 firm had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company's revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the company earned $2.44 earnings per share. As a group, equities analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date was Thursday, April 10th. This is an increase from Salesforce's previous quarterly dividend of $0.40. Salesforce's dividend payout ratio (DPR) is 25.98%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Oppenheimer restated an "outperform" rating and set a $370.00 price objective (down previously from $380.00) on shares of Salesforce in a research report on Thursday, May 29th. Guggenheim upgraded Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. The Goldman Sachs Group lifted their target price on Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Loop Capital cut their target price on Salesforce from $330.00 to $300.00 and set a "hold" rating on the stock in a report on Thursday, February 27th. Finally, Royal Bank of Canada downgraded Salesforce from an "outperform" rating to a "sector perform" rating and cut their target price for the stock from $420.00 to $275.00 in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $346.34.

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $275.00, for a total value of $137,500.00. Following the transaction, the chief accounting officer now owns 11,711 shares of the company's stock, valued at $3,220,525. This represents a 4.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the transaction, the insider now directly owns 41,422 shares in the company, valued at $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. Over the last quarter, insiders have sold 40,332 shares of company stock worth $11,024,802. Corporate insiders own 3.20% of the company's stock.

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.