Allworth Financial LP Has $7 Million Stock Holdings in Salesforce Inc. (NYSE:CRM)

Allworth Financial LP boosted its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 15.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,442 shares of the CRM provider's stock after acquiring 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 quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CRM. Bernard Wealth Management Corp. acquired a new position in Salesforce during the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC purchased a new position in Salesforce during the 4th quarter worth $27,000. Abound Financial LLC purchased a new position in Salesforce during the 1st quarter worth $31,000. Wood Tarver Financial Group LLC purchased a new position in shares of Salesforce in the 4th quarter valued at about $35,000. Finally, VSM Wealth Advisory LLC purchased a new position in Salesforce during the 4th quarter valued at about $45,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on CRM. Cantor Fitzgerald cut shares of Salesforce from an "overweight" rating to a "cautious" rating in a research note on Thursday. DA Davidson reaffirmed an "underperform" rating and issued a $200.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Morgan Stanley reissued an "overweight" rating and set a $404.00 target price (up from $393.00) on shares of Salesforce in a 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 for the company in a research report on Thursday, May 29th. Finally, UBS Group set a $404.00 price objective on shares of Salesforce and gave the company an "overweight" rating in a research report on Wednesday, June 18th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $348.16.

Insider Transactions at Salesforce

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

Salesforce Stock Performance

Shares of Salesforce stock traded down $5.74 during midday trading on Friday, hitting $258.23. The company had a trading volume of 7,004,264 shares, compared to its average volume of 6,540,561. The business's 50 day simple moving average is $272.09 and its two-hundred day simple moving average is $289.24. The stock has a market cap of $246.87 billion, a PE ratio of 40.41, a P/E/G ratio of 2.39 and a beta of 1.36. 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 $230.00 and a 1-year high of $369.00.

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 the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. Salesforce's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the business earned $2.44 earnings per share. As a group, equities analysts predict that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

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

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.