Good Life Advisors LLC Buys 7,401 Shares of Salesforce Inc. (NYSE:CRM)

Good Life Advisors LLC boosted its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 413.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,190 shares of the CRM provider's stock after purchasing an additional 7,401 shares during the period. Good Life Advisors LLC's holdings in Salesforce were worth $2,466,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Retirement Solution LLC bought a new stake in Salesforce during the 1st quarter worth approximately $280,000. Asio Capital LLC raised its stake in Salesforce by 4.6% in the 1st quarter. Asio Capital LLC now owns 25,016 shares of the CRM provider's stock worth $6,713,000 after purchasing an additional 1,096 shares in the last quarter. Brighton Jones LLC grew its stake in Salesforce by 7.9% during the first quarter. Brighton Jones LLC now owns 27,700 shares of the CRM provider's stock worth $7,434,000 after buying an additional 2,032 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Salesforce by 156.2% in the first quarter. Exchange Traded Concepts LLC now owns 10,317 shares of the CRM provider's stock valued at $2,769,000 after acquiring an additional 6,290 shares during the last quarter. Finally, SFM LLC bought a new position in Salesforce in the first quarter valued at about $590,000. 80.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider R David Schmaier sold 6,959 shares of the firm's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the transaction, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. This trade represents a 16.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 6,697 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 41,422 shares in the company, valued at $12,219,490. This represents a 13.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,111 shares of company stock valued at $9,299,283 in the last three months. 3.20% of the stock is owned by corporate insiders.

Salesforce Stock Performance

Shares of CRM stock traded down $1.37 during trading hours on Tuesday, hitting $262.51. The company's stock had a trading volume of 9,105,686 shares, compared to its average volume of 6,534,802. The company has a 50 day moving average of $268.49 and a 200 day moving average of $299.25. The stock has a market cap of $250.96 billion, a PE ratio of 33.23, a price-to-earnings-growth ratio of 2.39 and a beta of 1.38. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 12-month low of $229.23 and a 12-month high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 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 earned $2.44 earnings per share. The business's revenue was up 7.6% compared to the same quarter last year. On average, sell-side analysts forecast that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be given a dividend of $0.416 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.63%. Salesforce's dividend payout ratio is currently 25.98%.

Analyst Ratings Changes

Several brokerages have recently commented on CRM. Mizuho reduced their price objective 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. Royal Bank Of Canada cut shares of Salesforce from an "outperform" rating to a "sector perform" rating and dropped their price target for the company from $420.00 to $275.00 in a research note on Thursday, May 29th. Bank of America decreased their target price on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Citigroup decreased their price objective on Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Finally, Northland Securities lowered their price objective on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $346.34.

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.