Siren L.L.C. Makes New $3.92 Million Investment in Salesforce Inc. $CRM

Key Points

• Siren L.L.C. has acquired 14,600 shares of Salesforce Inc. valued at approximately $3.9 million, marking a new position in the company during the first quarter.
• Salesforce's CEO, Marc Benioff, sold 2,250 shares for about $559,260, resulting in a slight decrease of 0.02% in his ownership stake.
• Oppenheimer reduced its price target for Salesforce from $370 to $315, while Goldman Sachs increased its target from $340 to $385, reflecting mixed expectations among analysts.

Siren L.L.C. bought a new position in Salesforce Inc. (NYSE:CRM - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 14,600 shares of the CRM provider's stock, valued at approximately $3,918,000.

Several other hedge funds also recently bought and sold shares of CRM. Brighton Jones LLC boosted its holdings in Salesforce by 13.7% in the 4th quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider's stock worth $8,582,000 after buying an additional 3,102 shares during the period. Revolve Wealth Partners LLC lifted its stake in Salesforce by 12.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider's stock worth $611,000 after purchasing an additional 205 shares in the last quarter. Quarry LP purchased a new stake in Salesforce in the 4th quarter worth $82,000. Voleon Capital Management LP purchased a new stake in Salesforce in the 4th quarter worth $1,116,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in Salesforce in the 4th quarter worth $121,000. Institutional investors own 80.43% of the company's stock.

Salesforce Trading Up 0.7%

Shares of NYSE:CRM traded up $1.84 during trading on Friday, reaching $256.37. The company's stock had a trading volume of 7,354,032 shares, compared to its average volume of 8,243,193. 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 12 month low of $226.48 and a 12 month high of $369.00. The firm's 50 day simple moving average is $257.34 and its two-hundred day simple moving average is $269.27. The stock has a market capitalization of $245.09 billion, a PE ratio of 40.12, a price-to-earnings-growth ratio of 2.33 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 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 firm had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter last year, the firm earned $2.44 EPS. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, research analysts predict that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were issued a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.6%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Wall Street Analyst Weigh In

Several analysts have commented on CRM shares. Stifel Nicolaus decreased their price target on shares of Salesforce from $375.00 to $325.00 and set a "buy" rating on the stock in a research note on Wednesday, August 13th. Barclays decreased their price target on shares of Salesforce from $347.00 to $316.00 and set an "overweight" rating on the stock in a research note on Monday, August 18th. Wells Fargo & Company boosted their price target on shares of Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 29th. Northland Securities decreased their price target on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $400.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $341.47.

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction dated 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 59,327 shares of company stock valued at $15,201,738. 3.00% of the stock is currently owned by company insiders.

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.