Allworth Financial LP Increases Position in Salesforce Inc. (NYSE:CRM)

Allworth Financial LP increased its position in Salesforce Inc. (NYSE:CRM - Free Report) by 15.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,442 shares of the CRM provider's stock after buying an additional 3,624 shares during the quarter. Allworth Financial LP's holdings in Salesforce were worth $6,999,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Wulff Hansen & CO. raised its holdings in shares of Salesforce by 3.5% in the 4th quarter. Wulff Hansen & CO. now owns 1,035 shares of the CRM provider's stock worth $346,000 after acquiring an additional 35 shares during the last quarter. Seven Mile Advisory raised its holdings in shares of Salesforce by 2.3% in the 4th quarter. Seven Mile Advisory now owns 1,762 shares of the CRM provider's stock worth $589,000 after acquiring an additional 39 shares during the last quarter. Liberty One Investment Management LLC increased its stake in Salesforce by 1.2% in the 1st quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider's stock valued at $849,000 after buying an additional 39 shares during the last quarter. Kozak & Associates Inc. increased its stake in Salesforce by 1.6% in the 1st quarter. Kozak & Associates Inc. now owns 2,571 shares of the CRM provider's stock valued at $654,000 after buying an additional 41 shares during the last quarter. Finally, Meridian Wealth Partners LLC increased its stake in Salesforce by 5.3% in the 4th quarter. Meridian Wealth Partners LLC now owns 834 shares of the CRM provider's stock valued at $279,000 after buying an additional 42 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Insider Activity

In related news, insider R David Schmaier sold 6,959 shares of the business's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the transaction, the insider owned 36,090 shares in the company, valued at $9,141,957.90. The trade was a 16.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $272.48, for a total transaction of $613,080.00. Following the transaction, the chief executive officer owned 11,862,457 shares in the company, valued at $3,232,282,283.36. This represents a 0.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,284 shares of company stock worth $9,444,537 over the last ninety days. 3.20% of the stock is owned by insiders.

Salesforce Trading Up 0.5%

NYSE:CRM traded up $1.38 during trading hours on Monday, reaching $259.45. The company's stock had a trading volume of 6,526,194 shares, compared to its average volume of 7,259,158. The firm has a market capitalization of $248.03 billion, a price-to-earnings ratio of 40.60, a PEG ratio of 2.34 and a beta of 1.36. The firm has a 50-day simple moving average of $272.09 and a 200-day simple moving average of $288.49. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07.

Salesforce (NYSE:CRM - Get Free Report) last issued its 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 company had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm's revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.44 EPS. Research analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were given a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's payout ratio is 25.98%.

Analyst Ratings Changes

CRM has been the subject of several analyst reports. Canaccord Genuity Group decreased their price objective on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Mizuho decreased their price objective 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. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $275.00 price objective on shares of Salesforce in a research note on Monday. Barclays decreased their price objective on shares of Salesforce from $425.00 to $347.00 and set an "overweight" rating for the company in a research note on Thursday, May 29th. Finally, Erste Group Bank lowered shares of Salesforce from a "buy" rating to a "hold" rating in a research note on Thursday, June 5th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $348.16.

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.