Sit Investment Associates Inc. Acquires 11,750 Shares of Salesforce Inc. (NYSE:CRM)

Key Points

• Sit Investment Associates Inc. increased its stake in Salesforce by 15.8%, purchasing an additional 11,750 shares, bringing its total holdings to 86,316 shares valued at approximately $23.16 million.
• Institutional investors collectively own 80.43% of Salesforce's stock, with several major funds making significant adjustments to their positions, including Nuveen LLC acquiring a new position worth over $2 billion.
• Salesforce recently posted stronger-than-expected earnings with an EPS of $2.58 for the quarter, and has announced a quarterly dividend of $0.416 per share, reflecting an annualized yield of 0.7%.

Sit Investment Associates Inc. increased its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 15.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 86,316 shares of the CRM provider's stock after buying an additional 11,750 shares during the period. Sit Investment Associates Inc.'s holdings in Salesforce were worth $23,164,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CRM. Bernard Wealth Management Corp. acquired a new position in shares of Salesforce in the fourth quarter valued at $25,000. Accredited Wealth Management LLC acquired a new stake in Salesforce in the 4th quarter worth about $27,000. Capital A Wealth Management LLC raised its position in shares of Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after buying an additional 90 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its holdings in shares of Salesforce by 314.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after purchasing an additional 85 shares in the last quarter. Finally, Abound Financial LLC bought a new stake in Salesforce during the first quarter worth about $31,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $234.64, for a total value of $527,940.00. Following the completion of the sale, the chief executive officer owned 11,911,571 shares of the company's stock, valued at approximately $2,794,931,019.44. This trade represents a 0.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 46,532 shares of company stock valued at $12,082,694. Company insiders own 3.00% of the company's stock.

Salesforce Trading Up 4.0%

Shares of CRM stock traded up $9.41 during trading hours on Friday, hitting $242.78. 12,936,592 shares of the company were exchanged, compared to its average volume of 6,984,759. The firm has a market cap of $232.10 billion, a P/E ratio of 37.99, a P/E/G ratio of 2.12 and a beta of 1.37. Salesforce Inc. has a fifty-two week low of $226.48 and a fifty-two week high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The company has a 50 day simple moving average of $261.05 and a two-hundred day simple moving average of $276.65.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The company's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.44 EPS. Equities analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current 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 given a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRM. JMP Securities reiterated a "market outperform" rating and set a $430.00 price target on shares of Salesforce in a research report on Friday, July 11th. 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. Royal Bank Of Canada reissued a "sector perform" rating and set a $275.00 price target on shares of Salesforce in a report on Monday, July 14th. Westpark Capital reaffirmed a "buy" rating and issued a $320.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Finally, Northland Securities lowered their target price on Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, nine have issued 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.com, Salesforce currently has an average rating of "Moderate Buy" and an average price target of $347.50.

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.