Sheaff Brock Investment Advisors LLC raised its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 5.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,866 shares of the CRM provider's stock after buying an additional 1,387 shares during the quarter. Sheaff Brock Investment Advisors LLC's holdings in Salesforce were worth $6,673,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Seven Mile Advisory increased its holdings in shares of Salesforce by 2.3% in the fourth quarter. Seven Mile Advisory now owns 1,762 shares of the CRM provider's stock worth $589,000 after acquiring an additional 39 shares in the last quarter. Liberty One Investment Management LLC lifted its position in shares of Salesforce by 1.2% in the first quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider's stock valued at $849,000 after buying an additional 39 shares during the last quarter. First Command Advisory Services Inc. lifted its position in shares of Salesforce by 7.3% in the first quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider's stock valued at $154,000 after buying an additional 39 shares during the last quarter. Mendel Money Management lifted its position in shares of Salesforce by 3.6% in the first quarter. Mendel Money Management now owns 1,112 shares of the CRM provider's stock valued at $298,000 after buying an additional 39 shares during the last quarter. Finally, Clarity Wealth Advisors LLC lifted its position in shares of Salesforce by 2.3% in the first quarter. Clarity Wealth Advisors LLC now owns 1,760 shares of the CRM provider's stock valued at $472,000 after buying an additional 40 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on CRM shares. Northland Securities dropped their price target on Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Jefferies Financial Group dropped their price objective on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a report on Monday, March 31st. Mizuho decreased their price target on Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a research note on Thursday, May 15th. Canaccord Genuity Group decreased their price target on Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Finally, Needham & Company LLC restated a "buy" rating and set a $400.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Three research 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $348.16.
Read Our Latest Report on CRM
Insider Buying and Selling at Salesforce
In other Salesforce 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 transaction of $1,975,615.00. Following the sale, the insider owned 41,422 shares in the company, valued at $12,219,490. This represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Marc Benioff sold 2,250 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $271.69, for a total value of $611,302.50. Following the sale, the chief executive officer owned 11,862,457 shares in the company, valued at approximately $3,222,910,942.33. This represents a 0.02% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,479 shares of company stock valued at $9,091,796. 3.20% of the stock is owned by corporate insiders.
Salesforce Stock Performance
Shares of Salesforce stock opened at $269.11 on Monday. The company has a market cap of $257.27 billion, a PE ratio of 42.11, a price-to-earnings-growth ratio of 2.44 and a beta of 1.36. Salesforce Inc. has a 52 week low of $230.00 and a 52 week high of $369.00. The business has a 50 day moving average price of $268.07 and a 200-day moving average price of $283.68. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM - Get Free Report) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. Salesforce's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.44 earnings per share. Equities analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.
Salesforce Cuts Dividend
The company 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 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is 25.98%.
Salesforce Profile
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Free Report)
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.
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