Chicago Capital LLC Has $65.41 Million Stake in Salesforce Inc. (NYSE:CRM)

Chicago Capital LLC cut its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 5.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 243,737 shares of the CRM provider's stock after selling 12,740 shares during the period. Salesforce makes up approximately 1.8% of Chicago Capital LLC's holdings, making the stock its 18th largest holding. Chicago Capital LLC's holdings in Salesforce were worth $65,409,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bernard Wealth Management Corp. bought a new position in Salesforce during the 4th quarter valued at $25,000. Accredited Wealth Management LLC bought a new position in shares of Salesforce during the fourth quarter worth about $27,000. Halbert Hargrove Global Advisors LLC acquired a new position in Salesforce in the fourth quarter worth about $35,000. Wood Tarver Financial Group LLC bought a new stake in Salesforce in the fourth quarter valued at about $35,000. Finally, VSM Wealth Advisory LLC acquired a new stake in Salesforce during the fourth quarter valued at approximately $45,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Insider Buying and Selling at Salesforce

In related news, insider Srinivas Tallapragada sold 6,697 shares of the company's 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $197,005.20. Following the completion of the transaction, the insider now owns 9,323 shares of the company's stock, valued at approximately $2,605,219.12. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,111 shares of company stock valued at $9,299,283 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Salesforce Price Performance

Shares of NYSE:CRM traded down $3.78 on Wednesday, reaching $258.98. 7,623,720 shares of the company traded hands, compared to its average volume of 6,535,519. The stock has a market capitalization of $247.59 billion, a PE ratio of 40.53, a P/E/G ratio of 2.38 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The company's 50 day moving average is $268.43 and its 200-day moving average is $299.00. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same period in the prior year, the firm earned $2.44 earnings per share. The firm's revenue was up 7.6% compared to the same quarter last year. As a group, analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors 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 0.64%. Salesforce's dividend payout ratio is presently 25.98%.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRM. Mizuho decreased their price objective on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a report on Thursday, May 15th. Royal Bank Of Canada cut shares of Salesforce from an "outperform" rating to a "sector perform" rating and cut their target price for the stock from $420.00 to $275.00 in a report on Thursday, May 29th. Erste Group Bank lowered Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. Piper Sandler raised their price target on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. Finally, BMO Capital Markets lowered their price objective on Salesforce from $367.00 to $350.00 and set an "outperform" rating for the company in a research note on Tuesday, May 27th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Salesforce currently has an average 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.