Waycross Partners LLC bought a new position in Salesforce Inc. (NYSE:CRM - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 85,506 shares of the CRM provider's stock, valued at approximately $22,946,000. Salesforce makes up approximately 2.6% of Waycross Partners LLC's investment portfolio, making the stock its 18th biggest position.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Salesforce by 926.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock valued at $1,422,979,000 after purchasing an additional 3,841,521 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Salesforce by 30,456.9% in the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock valued at $1,020,194,000 after purchasing an additional 3,789,147 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 in the last quarter. Pacer Advisors Inc. grew its stake in Salesforce by 1,744.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,820,262 shares of the CRM provider's stock worth $488,486,000 after purchasing an additional 1,721,550 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Salesforce by 23.2% during 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 buying an additional 1,683,233 shares during the period. Hedge funds and other institutional investors own 80.43% of the company's stock.
Insider Activity
In other news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $259.67, for a total transaction of $584,257.50. Following the sale, the chief executive officer directly owned 11,955,566 shares in the company, valued at approximately $3,104,501,823.22. This represents a 0.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the completion of the sale, the insider directly owned 41,422 shares in the company, valued at approximately $12,219,490. This trade represents a 13.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,479 shares of company stock valued at $12,457,591 over the last ninety days. Company insiders own 3.20% of the company's stock.
Analysts Set New Price Targets
A number of analysts have weighed in on the company. Oppenheimer restated an "outperform" rating and issued a $370.00 price target on shares of Salesforce in a research note on Tuesday, June 10th. Cantor Fitzgerald cut shares of Salesforce from an "overweight" rating to a "cautious" rating in a research note on Thursday, July 10th. Wells Fargo & Company boosted their target price on Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a report on Thursday, May 29th. The Goldman Sachs Group boosted their price target on shares of Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Finally, Stephens cut their price objective on Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce presently has an average rating of "Moderate Buy" and a consensus target price of $348.16.
Check Out Our Latest Stock Analysis on Salesforce
Salesforce Stock Down 0.3%
NYSE:CRM traded down $0.79 during mid-day trading on Friday, reaching $240.09. The stock had a trading volume of 8,807,591 shares, compared to its average volume of 5,971,969. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $229.53 billion, a price-to-earnings ratio of 37.57, a price-to-earnings-growth ratio of 2.19 and a beta of 1.37. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The stock's 50 day simple moving average is $263.97 and its two-hundred day simple moving average is $280.10.
Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $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. Stockholders 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 annualized dividend and a dividend yield of 0.7%. Salesforce's payout ratio is 25.98%.
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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