Tokio Marine Asset Management Co. Ltd. Has $27.47 Million Stake in Salesforce Inc. (NYSE:CRM)

Key Points

• Tokio Marine Asset Management Co. Ltd. increased its stake in Salesforce Inc. by 1.7% during the first quarter, now holding 102,368 shares valued at approximately $27.47 million.
• Salesforce's stock has received mixed ratings from analysts, with an average target price of $348.16, suggesting potential growth despite current fluctuations.
• In August, Salesforce CEO Marc Benioff sold 2,250 shares of the company, indicating ongoing insider trading activity as overall insider ownership remains at 3.00%.

Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 1.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 102,368 shares of the CRM provider's stock after acquiring an additional 1,673 shares during the period. Salesforce comprises about 1.0% of Tokio Marine Asset Management Co. Ltd.'s holdings, making the stock its 20th biggest holding. Tokio Marine Asset Management Co. Ltd.'s holdings in Salesforce were worth $27,471,000 as of its most recent filing with the SEC.

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

Salesforce Price Performance

Shares of CRM traded down $3.67 during trading hours on Thursday, reaching $233.37. The company had a trading volume of 7,533,200 shares, compared to its average volume of 6,899,392. The firm has a 50 day simple moving average of $261.72 and a 200-day simple moving average of $277.44. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $223.10 billion, a price-to-earnings ratio of 36.52, a PEG ratio of 2.15 and a beta of 1.37. Salesforce Inc. has a 12-month low of $226.48 and a 12-month high of $369.00.

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 business had revenue of $9.83 billion for the quarter, compared to analysts' expectations 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 period last year, the company earned $2.44 earnings per share. Research analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.7%. Salesforce's payout ratio is 25.98%.

Insider Activity

In related news, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $260.30, for a total value of $585,675.00. Following the completion of the sale, the chief executive officer owned 11,955,566 shares of the company's stock, valued at $3,112,033,829.80. This represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 46,532 shares of company stock worth $12,082,694 over the last three months. Insiders own 3.00% of the company's stock.

Analysts Set New Price Targets

CRM has been the subject of several research analyst reports. Piper Sandler increased their target price on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 28th. Canaccord Genuity Group dropped their price objective on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. DA Davidson restated an "underperform" rating and issued a $200.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Erste Group Bank cut shares of Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. Finally, Westpark Capital reiterated a "buy" rating and set a $320.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $346.84.

About Salesforce

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.