Salesforce Inc. (NYSE:CRM) Shares Acquired by Argent Trust Co

Key Points

• Argent Trust Co increased its stake in Salesforce Inc. (NYSE:CRM) by 12.4%, owning 24,185 shares valued at approximately $6.49 million.
• Salesforce reported a quarterly earnings per share (EPS) of $2.58, surpassing analyst estimates and reflecting a 7.6% year-over-year revenue growth.
• Several hedge funds have recently adjusted their positions in Salesforce, with institutional investors now holding 80.43% of the company's stock.

Argent Trust Co lifted its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 12.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,185 shares of the CRM provider's stock after purchasing an additional 2,660 shares during the period. Argent Trust Co's holdings in Salesforce were worth $6,490,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bernard Wealth Management Corp. acquired a new stake in shares of Salesforce during the fourth quarter worth about $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce during the fourth quarter worth about $27,000. Capital A Wealth Management LLC increased its position in shares of Salesforce by 450.0% during 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 in the last quarter. CBIZ Investment Advisory Services LLC increased its position in shares of Salesforce by 314.8% during 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 in the last quarter. Finally, Abound Financial LLC acquired a new stake in shares of Salesforce during the first quarter worth about $31,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Trading Down 2.9%

Shares of NYSE:CRM opened at $250.85 on Friday. The stock has a market capitalization of $239.81 billion, a price-to-earnings ratio of 39.26, a PEG ratio of 2.28 and a beta of 1.37. 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. The company has a 50 day moving average price of $266.04 and a 200 day moving average price of $281.92.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same quarter last year, the business posted $2.44 EPS. The company's revenue was up 7.6% on a year-over-year basis. On average, research analysts anticipate 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. Investors of record on Wednesday, June 18th were paid a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.7%. Salesforce's dividend payout ratio (DPR) is currently 25.98%.

Insider Buying and Selling

In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction on Friday, July 11th. The shares were sold at an average price of $259.67, for a total value of $584,257.50. Following the transaction, the chief executive officer owned 11,955,566 shares in the company, valued at $3,104,501,823.22. This trade represents a 0.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the transaction, the insider owned 41,422 shares in the company, valued at $12,219,490. This trade represents a 13.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,729 shares of company stock valued at $10,763,881 in the last ninety days. Company insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRM. DA Davidson restated an "underperform" rating and issued a $200.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Oppenheimer reissued an "outperform" rating and set a $370.00 price target on shares of Salesforce in a research note on Tuesday, June 10th. Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Stephens cut their price objective on Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Finally, BMO Capital Markets cut their price objective on Salesforce from $350.00 to $335.00 and set an "outperform" rating for the company in a research report on Thursday, July 10th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $348.16.

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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