Salesforce Inc. (NYSE:CRM) Shares Bought by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Salesforce Inc. by 7.9% during the first quarter, bringing their total shares owned to 309,339, valued at approximately $83 million.
• Salesforce's quarterly earnings report showed an EPS of $2.58, slightly surpassing estimates, with revenue of $9.83 billion, up 7.6% year-over-year.
• Wall Street analysts have mixed ratings for Salesforce, with 27 "buy" ratings, 8 "hold" ratings, and a target price range averaging $348.16.

Resona Asset Management Co. Ltd. raised its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 309,339 shares of the CRM provider's stock after acquiring an additional 22,552 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Salesforce were worth $83,093,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Coign Capital Advisors LLC raised its position in Salesforce by 1.7% during the first quarter. Coign Capital Advisors LLC now owns 2,183 shares of the CRM provider's stock worth $586,000 after acquiring an additional 37 shares during the period. Staley Capital Advisers Inc. raised its position in Salesforce by 1.1% during the first quarter. Staley Capital Advisers Inc. now owns 3,343 shares of the CRM provider's stock worth $897,000 after acquiring an additional 38 shares during the period. Liberty One Investment Management LLC grew its holdings in shares of Salesforce by 1.2% during the first quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider's stock worth $849,000 after buying an additional 39 shares in the last quarter. First Command Advisory Services Inc. grew its holdings in shares of Salesforce by 7.3% during the first quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider's stock worth $154,000 after buying an additional 39 shares in the last quarter. Finally, Mendel Money Management grew its holdings in shares of Salesforce by 3.6% during the first quarter. Mendel Money Management now owns 1,112 shares of the CRM provider's stock worth $298,000 after buying an additional 39 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Down 0.6%

Salesforce stock traded down $1.28 during trading on Tuesday, reaching $231.40. The stock had a trading volume of 13,176,549 shares, compared to its average volume of 6,272,324. Salesforce Inc. has a 52-week low of $226.48 and a 52-week high of $369.00. The business has a 50 day moving average price of $262.23 and a 200 day moving average price of $277.72. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The stock has a market cap of $221.22 billion, a PE ratio of 36.21, a P/E/G ratio of 2.11 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (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 company had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter in the previous year, the firm earned $2.44 earnings per share. The firm's quarterly revenue was up 7.6% on a year-over-year basis. On average, analysts predict that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The company also recently declared 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 was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.7%. Salesforce's payout ratio is currently 25.98%.

Insider Buying and Selling

In related news, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value 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. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $259.67, for a total transaction of $584,257.50. Following the completion of the transaction, the chief executive officer owned 11,955,566 shares of the company's stock, 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 50,979 shares of company stock valued at $13,530,369 in the last quarter. 3.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of research reports. Barclays dropped their target price on shares of Salesforce from $425.00 to $347.00 and set an "overweight" rating for the company in a report on Thursday, May 29th. Canaccord Genuity Group dropped their target price on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Piper Sandler upped their target price on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. Needham & Company LLC reaffirmed a "buy" rating and set a $400.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Finally, DA Davidson reaffirmed an "underperform" rating and set a $200.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Three investment 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 given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target 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.