Keeler Thomas Management LLC Lowers Position in Salesforce Inc. (NYSE:CRM)

Key Points

• Keeler Thomas Management LLC reduced its stake in Salesforce Inc. by 34.9%, now holding 9,331 shares, valued at approximately $2.5 million.
• Major institutional investors have significantly increased their holdings, with firms like DZ BANK AG boosting their stake by 926.4% and GAMMA Investing LLC by 30,456.9%.
• Analysts maintain a mixed outlook, with an average price target of $348.16 and a mix of ratings from sell to strong buy, highlighting the divided sentiment on Salesforce's stock performance.

Keeler Thomas Management LLC lessened its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 34.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,331 shares of the CRM provider's stock after selling 5,013 shares during the period. Salesforce makes up approximately 1.2% of Keeler Thomas Management LLC's portfolio, making the stock its 26th biggest holding. Keeler Thomas Management LLC's holdings in Salesforce were worth $2,504,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bernard Wealth Management Corp. purchased a new position in Salesforce in the fourth quarter valued at about $25,000. Accredited Wealth Management LLC bought a new position in shares of Salesforce during the 4th quarter worth $27,000. Wood Tarver Financial Group LLC purchased a new stake in Salesforce in the 4th quarter worth about $35,000. Capital A Wealth Management LLC raised its stake in Salesforce by 450.0% in the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after acquiring an additional 90 shares during the period. Finally, CBIZ Investment Advisory Services LLC raised its stake in Salesforce by 314.8% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after acquiring an additional 85 shares during the period. 80.43% of the stock is owned by institutional investors.

Salesforce Trading Down 0.3%

Salesforce stock traded down $0.79 during trading hours on Friday, reaching $240.09. The company had a trading volume of 8,807,591 shares, compared to its average volume of 5,971,969. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The company has a 50-day moving average price of $263.97 and a 200 day moving average price of $280.10. The firm has a market cap of $229.53 billion, a price-to-earnings ratio of 37.57, a P/E/G ratio of 2.19 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last issued 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. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The company had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. During the same period in the previous year, the firm earned $2.44 earnings per share. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. Equities analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Wednesday, June 18th. Salesforce's dividend payout ratio is currently 25.98%.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $248.40, for a total transaction of $558,900.00. Following the completion of the transaction, the chief executive officer owned 11,911,571 shares of the company's stock, valued at $2,958,834,236.40. This represents a 0.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 46,479 shares of company stock worth $12,457,591 in the last ninety days. Corporate insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRM. Westpark Capital reiterated a "buy" rating and issued a $320.00 target price on shares of Salesforce in a research note on Wednesday, May 28th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $275.00 price objective on shares of Salesforce in a research note on Monday, July 14th. Oppenheimer reaffirmed an "outperform" rating and set a $370.00 target price on shares of Salesforce in a report on Tuesday, June 10th. BMO Capital Markets cut their price target 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. Finally, Wells Fargo & Company boosted their price target on shares of Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research report on Thursday, May 29th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and four have issued 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.

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.