Tounjian Advisory Partners LLC Takes $3.25 Million Position in Salesforce, Inc. (NYSE:CRM)

Tounjian Advisory Partners LLC purchased a new stake in Salesforce, Inc. (NYSE:CRM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 12,100 shares of the CRM provider's stock, valued at approximately $3,247,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Pallas Capital Advisors LLC grew its stake in Salesforce by 9.8% in the first quarter. Pallas Capital Advisors LLC now owns 39,285 shares of the CRM provider's stock valued at $10,542,000 after purchasing an additional 3,497 shares in the last quarter. WFA Asset Management Corp grew its stake in Salesforce by 614.3% in the first quarter. WFA Asset Management Corp now owns 400 shares of the CRM provider's stock valued at $107,000 after purchasing an additional 344 shares in the last quarter. Patrick M Sweeney & Associates Inc. grew its stake in Salesforce by 3.8% in the first quarter. Patrick M Sweeney & Associates Inc. now owns 1,372 shares of the CRM provider's stock valued at $368,000 after purchasing an additional 50 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Salesforce by 2.9% in the first quarter. Farther Finance Advisors LLC now owns 18,797 shares of the CRM provider's stock valued at $5,079,000 after purchasing an additional 522 shares in the last quarter. Finally, City Holding Co. grew its stake in Salesforce by 15.4% in the first quarter. City Holding Co. now owns 405 shares of the CRM provider's stock valued at $109,000 after purchasing an additional 54 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on CRM. Needham & Company LLC reiterated a "buy" rating and set a $400.00 target price on shares of Salesforce in a research note on Wednesday, May 28th. Oppenheimer reiterated an "outperform" rating and set a $370.00 target price on shares of Salesforce in a research note on Tuesday. Robert W. Baird reduced their target price on Salesforce from $430.00 to $400.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Northland Securities reduced 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. Finally, Loop Capital lowered their price target on shares of Salesforce from $330.00 to $300.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $346.34.

Salesforce Trading Down 0.9%

NYSE:CRM traded down $2.29 during mid-day trading on Wednesday, hitting $265.93. 6,556,774 shares of the company's stock were exchanged, compared to its average volume of 6,578,383. The company has a 50 day simple moving average of $267.35 and a 200-day simple moving average of $301.22. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a fifty-two week low of $227.77 and a fifty-two week high of $369.00. The firm has a market capitalization of $254.23 billion, a P/E ratio of 43.74, a PEG ratio of 2.58 and a beta of 1.38.

Salesforce (NYSE:CRM - Get Free Report) last posted its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. During the same period last year, the company earned $2.44 EPS. The firm's revenue was up 7.6% compared to the same quarter last year. As a group, 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 will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be issued a dividend of $0.416 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.63%. Salesforce's payout ratio is 25.98%.

Insiders Place Their Bets

In other Salesforce news, insider Miguel Milano sold 705 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total transaction of $197,005.20. Following the completion of the transaction, the insider now owns 9,323 shares in the company, valued at approximately $2,605,219.12. This trade represents a 7.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the sale, the chief financial officer now owns 46,750 shares of the company's stock, valued at $12,967,047.50. This represents a 11.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,332 shares of company stock worth $11,024,802. 3.20% of the stock is currently owned by insiders.

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.