Albion Financial Group UT Has $6.52 Million Position in Salesforce Inc. (NYSE:CRM)

Albion Financial Group UT increased its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 308.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,305 shares of the CRM provider's stock after acquiring an additional 18,352 shares during the period. Albion Financial Group UT's holdings in Salesforce were worth $6,523,000 as of its most recent SEC filing.

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

Salesforce Stock Performance

Shares of CRM traded down $0.83 during trading hours on Tuesday, reaching $271.86. 6,252,523 shares of the company traded hands, compared to its average volume of 6,538,830. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The stock has a market cap of $259.90 billion, a P/E ratio of 42.54, a price-to-earnings-growth ratio of 2.47 and a beta of 1.37. The stock's fifty day moving average is $271.12 and its 200 day moving average is $293.23. 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, beating analysts' consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. Salesforce's revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.44 earnings per share. Equities research analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be given a dividend of $0.416 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.61%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Insider Transactions at Salesforce

In other news, insider Srinivas Tallapragada sold 1,269 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $332,922.15. Following the transaction, the insider directly owned 42,678 shares of the company's stock, valued at $11,196,573.30. The trade was a 2.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Miguel Milano sold 405 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $106,251.75. Following the sale, the insider directly owned 9,933 shares of the company's stock, valued at $2,605,922.55. This represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,284 shares of company stock valued at $6,996,762. 3.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on CRM shares. Needham & Company LLC reaffirmed a "buy" rating and set a $400.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Piper Sandler boosted their price target on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. Scotiabank lowered their price target on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a report on Monday, March 17th. Canaccord Genuity Group cut their price objective on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Finally, Citigroup dropped their price target on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce currently has an average rating of "Moderate Buy" and an average price target of $349.08.

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.