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Steward Partners Investment Advisory LLC Buys 4,952 Shares of Salesforce Inc. (NYSE:CRM)

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Key Points

  • Steward Partners Investment Advisory LLC increased its holdings in Salesforce Inc. by 3.9% during the first quarter, now owning a total of 130,522 shares valued at approximately $35 million.
  • Several other institutional investors also raised their stakes, with Vanguard Group Inc. increasing its position by 1.6% and Northern Trust Corp. seeing an 18.3% growth in their shares during the previous quarter.
  • Salesforce reported earnings per share of $2.58, exceeding consensus estimates, while also announcing a quarterly dividend of $0.416 per share, reflecting an annual yield of 0.7%.
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Steward Partners Investment Advisory LLC lifted its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 3.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 130,522 shares of the CRM provider's stock after acquiring an additional 4,952 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Salesforce were worth $35,027,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Salesforce by 1.6% in the first quarter. Vanguard Group Inc. now owns 87,913,628 shares of the CRM provider's stock worth $23,592,501,000 after purchasing an additional 1,383,942 shares during the period. Northern Trust Corp grew its stake in shares of Salesforce by 18.3% in the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after acquiring an additional 1,736,667 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Salesforce by 5.1% in the first quarter. Goldman Sachs Group Inc. now owns 9,014,148 shares of the CRM provider's stock worth $2,419,037,000 after acquiring an additional 437,435 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Salesforce by 23.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock worth $2,988,422,000 after acquiring an additional 1,683,233 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Salesforce by 7.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,658,132 shares of the CRM provider's stock worth $2,894,673,000 after acquiring an additional 602,445 shares during the last quarter. Institutional investors own 80.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CRM shares. Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Wells Fargo & Company increased their target price on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 29th. Stephens cut their target price on Salesforce from $311.00 to $309.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Northland Securities cut their target price on Salesforce from $423.00 to $396.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Finally, Sanford C. Bernstein increased their target price on Salesforce from $243.00 to $255.00 and gave the stock an "underperform" rating in a research note on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $347.50.

Read Our Latest Stock Report on CRM

Salesforce Stock Performance

NYSE:CRM opened at $242.78 on Friday. 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 stock has a 50-day moving average price of $260.41 and a 200 day moving average price of $275.30. The stock has a market capitalization of $232.10 billion, a P/E ratio of 37.99, a P/E/G ratio of 2.20 and a beta of 1.37.

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, topping the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm's revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the business posted $2.44 earnings per share. Equities research analysts forecast that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared 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 0.7%. The ex-dividend date was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is currently 25.98%.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $260.30, for a total transaction of $585,675.00. Following the completion of the transaction, the chief executive officer owned 11,955,566 shares in the company, valued at $3,112,033,829.80. This trade represents a 0.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last three months, insiders sold 46,532 shares of company stock worth $12,082,694. Company insiders own 3.00% of the company's stock.

Salesforce Profile

(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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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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