Salesforce Inc. (NYSE:CRM) Shares Purchased by Ethic Inc.

Key Points

• Ethic Inc. increased its ownership of Salesforce shares by 5.2%, holding 104,665 shares valued at approximately $28.28 million.
• Salesforce reported a quarterly earnings per share (EPS) of $2.58, exceeding analyst expectations, with a revenue of $9.83 billion, a year-over-year increase of 7.6%.
• Insider trading data showed that CEO Marc Benioff sold 2,250 shares for nearly $585,675, while insiders overall sold 46,532 shares valued at approximately $12.08 million in the past three months.

Ethic Inc. lifted its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 5.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 104,665 shares of the CRM provider's stock after acquiring an additional 5,161 shares during the period. Salesforce accounts for 0.6% of Ethic Inc.'s portfolio, making the stock its 19th biggest holding. Ethic Inc.'s holdings in Salesforce were worth $28,280,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Notis McConarty Edward grew its position in Salesforce by 71.6% in the 1st quarter. Notis McConarty Edward now owns 3,844 shares of the CRM provider's stock valued at $1,032,000 after buying an additional 1,604 shares in the last quarter. Leith Wheeler Investment Counsel Ltd. lifted its stake in Salesforce by 43.0% during the first quarter. Leith Wheeler Investment Counsel Ltd. now owns 104,834 shares of the CRM provider's stock valued at $28,133,000 after buying an additional 31,537 shares in the last quarter. Alecta Tjanstepension Omsesidigt lifted its stake in Salesforce by 121.9% during the first quarter. Alecta Tjanstepension Omsesidigt now owns 355,000 shares of the CRM provider's stock valued at $95,222,000 after buying an additional 195,000 shares in the last quarter. AIA Group Ltd lifted its stake in Salesforce by 8.0% during the first quarter. AIA Group Ltd now owns 32,885 shares of the CRM provider's stock valued at $8,825,000 after buying an additional 2,436 shares in the last quarter. Finally, Delaney Dennis R lifted its stake in Salesforce by 66.1% during the first quarter. Delaney Dennis R now owns 5,694 shares of the CRM provider's stock valued at $1,528,000 after buying an additional 2,266 shares in the last quarter. Institutional investors own 80.43% of the company's stock.

Insider Activity

In related news, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $260.30, for a total value of $585,675.00. Following the completion of the transaction, the chief executive officer directly owned 11,955,566 shares in the company, valued at approximately $3,112,033,829.80. The trade was a 0.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 46,532 shares of company stock worth $12,082,694. 3.00% of the stock is currently owned by insiders.

Salesforce Stock Performance

Salesforce stock opened at $233.37 on Friday. The stock has a 50-day simple moving average of $261.05 and a 200 day simple moving average of $276.65. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 12-month low of $226.48 and a 12-month high of $369.00. The stock has a market capitalization of $223.10 billion, a price-to-earnings ratio of 36.52, a P/E/G ratio of 2.15 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same period in the previous 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, 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 was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were given a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Wednesday, June 18th. Salesforce's payout ratio is presently 25.98%.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of analyst reports. BMO Capital Markets reduced their price objective on shares of Salesforce from $350.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, July 10th. Westpark Capital reissued a "buy" rating and issued a $320.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $275.00 price target on shares of Salesforce in a research report on Monday, July 14th. Citigroup reduced 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. Finally, Mizuho reduced their price target on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a research report on Thursday, May 15th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $346.84.

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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