IFP Advisors Inc Buys 1,294 Shares of Salesforce Inc. (NYSE:CRM)

IFP Advisors Inc boosted its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 13.3% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 11,027 shares of the CRM provider's stock after buying an additional 1,294 shares during the period. IFP Advisors Inc's holdings in Salesforce were worth $2,960,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. OneAscent Financial Services LLC grew its position in Salesforce by 14.1% in the first quarter. OneAscent Financial Services LLC now owns 3,507 shares of the CRM provider's stock valued at $943,000 after acquiring an additional 434 shares in the last quarter. Morse Asset Management Inc grew its position in Salesforce by 1,134.2% in the first quarter. Morse Asset Management Inc now owns 469 shares of the CRM provider's stock valued at $126,000 after acquiring an additional 431 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its position in Salesforce by 314.8% in the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after acquiring an additional 85 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC grew its position in Salesforce by 5.2% in the first quarter. Mowery & Schoenfeld Wealth Management LLC now owns 812 shares of the CRM provider's stock valued at $218,000 after acquiring an additional 40 shares in the last quarter. Finally, Elyxium Wealth LLC acquired a new stake in shares of Salesforce during the first quarter worth approximately $1,378,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Insider Activity at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $262.93, for a total transaction of $591,592.50. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at $3,131,909,363.03. The trade was a 0.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Miguel Milano sold 405 shares of the company'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 $106,251.75. Following the transaction, the insider owned 9,933 shares of the company's stock, valued at approximately $2,605,922.55. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,229 shares of company stock valued at $8,492,036. Corporate insiders own 3.20% of the company's stock.

Analyst Ratings Changes

CRM has been the subject of a number of recent analyst reports. Stephens decreased their price target on shares of Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Westpark Capital reissued a "buy" rating and set a $320.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Piper Sandler raised their price target on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. DA Davidson reissued an "underperform" rating and set a $200.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Finally, Citigroup decreased their price target on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $348.16.

Salesforce Trading Down 0.5%

CRM traded down $1.25 during trading on Thursday, reaching $265.97. The company had a trading volume of 3,005,125 shares, compared to its average volume of 7,153,148. The company has a market cap of $254.27 billion, a price-to-earnings ratio of 41.62, a PEG ratio of 2.39 and a beta of 1.36. 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 Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The firm's 50-day simple moving average is $268.96 and its 200 day simple moving average is $285.09.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The firm's revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.44 EPS. Equities research analysts anticipate 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. Investors of record on Wednesday, June 18th were issued a $0.416 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.63%. Salesforce's dividend payout ratio (DPR) is currently 25.98%.

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.