Lineweaver Wealth Advisors LLC Cuts Stock Position in Salesforce Inc. (NYSE:CRM)

Lineweaver Wealth Advisors LLC cut its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 14.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,494 shares of the CRM provider's stock after selling 1,117 shares during the quarter. Lineweaver Wealth Advisors LLC's holdings in Salesforce were worth $1,745,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRM. Norges Bank purchased a new stake in Salesforce during the 4th quarter valued at about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Salesforce by 926.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock valued at $1,422,979,000 after purchasing an additional 3,841,521 shares during the last quarter. GAMMA Investing LLC grew its position in Salesforce by 30,456.9% during the 1st quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock valued at $1,020,194,000 after purchasing an additional 3,789,147 shares during the last quarter. Invesco Ltd. grew its position in Salesforce by 42.5% during the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock valued at $2,604,770,000 after purchasing an additional 2,325,156 shares during the last quarter. Finally, Northern Trust Corp grew its position in Salesforce by 18.3% during the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock valued at $3,752,830,000 after purchasing an additional 1,736,667 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $257.02, for a total value of $578,295.00. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at approximately $3,061,511,978.42. This trade represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Miguel Milano sold 405 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $106,251.75. Following the completion of the transaction, the insider directly owned 9,933 shares of the company's stock, valued at approximately $2,605,922.55. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,819 shares of company stock valued at $9,111,823. Corporate insiders own 3.20% of the company's stock.

Salesforce Stock Performance

Salesforce stock traded up $2.52 during midday trading on Friday, hitting $262.40. The stock had a trading volume of 6,376,432 shares, compared to its average volume of 6,555,507. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 52-week low of $230.00 and a 52-week high of $369.00. The firm's fifty day moving average is $270.45 and its two-hundred day moving average is $286.50. The company has a market capitalization of $250.85 billion, a PE ratio of 41.06, a P/E/G ratio of 2.36 and a beta of 1.36.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating 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 last year, the firm posted $2.44 EPS. The company's revenue was up 7.6% on a year-over-year basis. On average, research analysts forecast that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders 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 yield of 0.63%. The ex-dividend date was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is currently 25.98%.

Analyst Ratings Changes

CRM has been the topic of several research analyst reports. BMO Capital Markets lowered their target price on shares of Salesforce from $350.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, July 10th. Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. UBS Group set a $404.00 target price on shares of Salesforce and gave the company an "overweight" rating in a research note on Wednesday, June 18th. Oppenheimer restated an "outperform" rating and set a $370.00 target price on shares of Salesforce in a research note on Tuesday, June 10th. Finally, JMP Securities restated a "market outperform" rating and set a $430.00 target price on shares of Salesforce in a research note on Friday, July 11th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, Salesforce presently has a consensus rating of "Moderate Buy" and an average price target of $348.16.

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.