Sagespring Wealth Partners LLC Has $6.58 Million Stock Position in Salesforce Inc. (NYSE:CRM)

Sagespring Wealth Partners LLC lifted its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 66.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,505 shares of the CRM provider's stock after purchasing an additional 9,740 shares during the period. Sagespring Wealth Partners LLC's holdings in Salesforce were worth $6,576,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce during the fourth quarter worth $25,000. Accredited Wealth Management LLC acquired a new position in Salesforce during the 4th quarter valued at about $27,000. Halbert Hargrove Global Advisors LLC acquired a new position in Salesforce during the 4th quarter valued at about $35,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $35,000. Finally, VSM Wealth Advisory LLC bought a new stake in shares of Salesforce during the fourth quarter worth approximately $45,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRM. Barclays reduced their price objective on shares of Salesforce from $425.00 to $347.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. Stephens cut their target price on Salesforce from $311.00 to $309.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Cantor Fitzgerald assumed coverage on Salesforce in a research report on Tuesday, June 3rd. They set an "overweight" rating and a $325.00 target price for the company. Citigroup cut their target price on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Finally, UBS Group set a $404.00 price objective on Salesforce and gave the company an "overweight" rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat, Salesforce presently has a consensus rating of "Moderate Buy" and a consensus price target of $349.08.

Salesforce Stock Performance

Shares of Salesforce stock traded down $3.78 during trading on Thursday, reaching $258.98. The company's stock had a trading volume of 7,623,720 shares, compared to its average volume of 6,535,521. 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 business's 50-day moving average price is $268.31 and its 200-day moving average price is $298.72. Salesforce Inc. has a 52 week low of $230.00 and a 52 week high of $369.00. The firm has a market cap of $247.59 billion, a PE ratio of 40.53, a P/E/G ratio of 2.38 and a beta of 1.38.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the firm earned $2.44 earnings per share. Equities analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be issued a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce's dividend payout ratio is presently 25.98%.

Insider Transactions at Salesforce

In other news, 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 transaction, the insider now directly owns 41,422 shares in the company, valued at approximately $12,219,490. This represents a 13.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Miguel Milano sold 705 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the sale, the insider now owns 9,323 shares in the company, valued at $2,605,219.12. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,111 shares of company stock valued at $9,299,283. Corporate insiders own 3.20% of the company's stock.

About Salesforce

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.