Salesforce Inc. (NYSE:CRM) Shares Acquired by TIAA Trust National Association

Key Points

• TIAA Trust National Association increased its stake in Salesforce by 21.4%, owning a total of 107,299 shares valued at approximately $28.8 million.
• Salesforce reported quarterly earnings of $2.58 per share, exceeding analyst estimates, with a revenue of $9.83 billion for the last quarter.
• Insider transactions showed significant selling activity, including Srinivas Tallapragada selling 6,697 shares for about $1.98 million.

TIAA Trust National Association lifted its position in Salesforce Inc. (NYSE:CRM - Free Report) by 21.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 107,299 shares of the CRM provider's stock after acquiring an additional 18,891 shares during the period. TIAA Trust National Association's holdings in Salesforce were worth $28,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Bernard Wealth Management Corp. acquired a new stake in Salesforce during the 4th quarter valued at approximately $25,000. Accredited Wealth Management LLC purchased a new position in shares of Salesforce during the fourth quarter worth $27,000. Capital A Wealth Management LLC lifted its position in Salesforce by 450.0% during the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after purchasing an additional 90 shares during the period. CBIZ Investment Advisory Services LLC lifted its position in Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after purchasing an additional 85 shares during the period. Finally, Abound Financial LLC purchased a new stake in Salesforce in the first quarter valued at $31,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Down 2.9%

Shares of NYSE CRM opened at $250.85 on Friday. The company has a market capitalization of $239.81 billion, a P/E ratio of 39.26, a P/E/G ratio of 2.34 and a beta of 1.37. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The company has a 50 day simple moving average of $266.04 and a 200-day simple moving average of $282.19. 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 quarterly earnings data 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. 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 analyst estimates of $9.74 billion. During the same period in the prior year, the business posted $2.44 earnings per share. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities research analysts predict that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders 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 dividend on an annualized basis and a yield of 0.7%. Salesforce's dividend payout ratio is presently 25.98%.

Insider Transactions at Salesforce

In other Salesforce news, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the sale, the insider owned 41,422 shares of the company's stock, valued at $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Benioff sold 2,250 shares of the business's 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 completion of the sale, the chief executive officer owned 11,955,566 shares in the company, valued at $3,104,501,823.22. This represents a 0.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,729 shares of company stock worth $10,763,881 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CRM shares. Mizuho reduced their price objective on Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a research note on Thursday, May 15th. Westpark Capital reiterated a "buy" rating and set a $320.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. UBS Group set a $404.00 price target on Salesforce and gave the company an "overweight" rating in a report on Wednesday, June 18th. Canaccord Genuity Group lowered their price objective on Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Finally, Wells Fargo & Company lifted their target price on shares of Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a report on Thursday, May 29th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $348.16.

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.

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