Salesforce, Inc. (NYSE:CRM) Shares Purchased by Parisi Gray Wealth Management

Parisi Gray Wealth Management grew its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 129.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,243 shares of the CRM provider's stock after acquiring an additional 1,828 shares during the period. Parisi Gray Wealth Management's holdings in Salesforce were worth $870,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CRM. Panoramic Capital Partners LLC grew its stake in Salesforce by 67.0% during the 1st quarter. Panoramic Capital Partners LLC now owns 1,112 shares of the CRM provider's stock valued at $271,000 after purchasing an additional 446 shares in the last quarter. Midland Wealth Advisors LLC raised its position in shares of Salesforce by 3.0% in the 1st quarter. Midland Wealth Advisors LLC now owns 2,973 shares of the CRM provider's stock valued at $798,000 after purchasing an additional 86 shares in the last quarter. Everest Management Corp. boosted its stake in shares of Salesforce by 74.8% during the 1st quarter. Everest Management Corp. now owns 3,897 shares of the CRM provider's stock valued at $1,046,000 after buying an additional 1,667 shares during the last quarter. Tounjian Advisory Partners LLC acquired a new stake in shares of Salesforce during the first quarter worth approximately $3,247,000. Finally, Pallas Capital Advisors LLC increased its stake in shares of Salesforce by 9.8% in the first quarter. Pallas Capital Advisors LLC now owns 39,285 shares of the CRM provider's stock worth $10,542,000 after buying an additional 3,497 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Performance

Shares of CRM stock opened at $274.48 on Monday. Salesforce, Inc. has a 12-month low of $227.77 and a 12-month high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $262.40 billion, a price-to-earnings ratio of 45.14, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The business has a 50 day simple moving average of $266.57 and a 200 day simple moving average of $302.19.

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, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.44 earnings per share. On average, equities research analysts anticipate that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders 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 dividend on an annualized basis and a dividend yield of 0.61%. Salesforce's dividend payout ratio (DPR) is 25.98%.

Insiders Place Their Bets

In related news, CAO Sundeep G. Reddy sold 1,909 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $543,263.22. Following the sale, the chief accounting officer now owns 11,310 shares of the company's stock, valued at $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Miguel Milano sold 705 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the transaction, the insider now directly owns 9,323 shares of the company's stock, valued at approximately $2,605,219.12. The trade was a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,332 shares of company stock worth $11,024,802. 3.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on CRM shares. DA Davidson reiterated an "underperform" rating and set a $200.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Wells Fargo & Company upped their target price on shares of Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research note on Thursday, May 29th. Piper Sandler lifted their price target on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 28th. Sanford C. Bernstein boosted their price objective on Salesforce from $243.00 to $255.00 and gave the company an "underperform" rating in a report on Thursday, May 29th. Finally, Stifel Nicolaus reduced their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $346.34.

Salesforce Company 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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