Burney Co. Sells 1,065 Shares of Salesforce Inc. (NYSE:CRM)

Burney Co. reduced its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 12.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,335 shares of the CRM provider's stock after selling 1,065 shares during the quarter. Burney Co.'s holdings in Salesforce were worth $1,968,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in Salesforce by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock valued at $6,656,078,000 after buying an additional 175,035 shares during the last quarter. Northern Trust Corp raised its holdings in Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after purchasing an additional 1,736,667 shares in the last quarter. Norges Bank bought a new position in Salesforce in the 4th quarter worth $3,599,867,000. Price T Rowe Associates Inc. MD raised its holdings in Salesforce by 23.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock worth $2,988,422,000 after purchasing an additional 1,683,233 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Salesforce by 7.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,658,132 shares of the CRM provider's stock worth $2,894,673,000 after purchasing an additional 602,445 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRM. BMO Capital Markets decreased their price objective on shares of Salesforce from $350.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, July 10th. Mizuho reduced their target price on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a research report on Thursday, May 15th. UBS Group set a $404.00 target price on shares of Salesforce and gave the stock an "overweight" rating in a research report on Wednesday, June 18th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $275.00 target price on shares of Salesforce in a research report on Monday, July 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $400.00 target price on shares of Salesforce in a research 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 issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $348.16.

Insider Activity

In other news, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $266.56, for a total transaction of $599,760.00. Following the completion of the sale, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at approximately $3,175,148,365.76. The trade was a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 33,479 shares of company stock worth $9,091,796 over the last ninety days. 3.20% of the stock is currently owned by insiders.

Salesforce Price Performance

Shares of CRM stock traded up $0.40 on Thursday, reaching $267.62. The company's stock had a trading volume of 5,872,478 shares, compared to its average volume of 6,745,871. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The stock's fifty day simple moving average is $268.50 and its 200-day simple moving average is $284.66. The company has a market capitalization of $255.85 billion, a price-to-earnings ratio of 41.88, a price-to-earnings-growth ratio of 2.42 and a beta of 1.36. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm's revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.44 EPS. Analysts forecast 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 paid a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio is currently 25.98%.

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.