Weitz Investment Management Inc. Sells 7,500 Shares of Salesforce Inc. (NYSE:CRM)

Key Points

• Weitz Investment Management Inc. has reduced its holdings in Salesforce Inc. by 7.9%, selling 7,500 shares and holding 87,500 shares worth approximately $23.48 million.
• Despite this sell-off, 80.43% of Salesforce's stock is currently owned by institutional investors, highlighting continued interest from larger financial entities.
• Equities analysts have varying views on Salesforce's stock, with 27 analysts rating it as a "buy", suggesting overall positive sentiment despite changes in individual ratings.

Weitz Investment Management Inc. cut its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 7.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 87,500 shares of the CRM provider's stock after selling 7,500 shares during the quarter. Weitz Investment Management Inc.'s holdings in Salesforce were worth $23,482,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Notis McConarty Edward boosted its position in Salesforce by 71.6% during the first quarter. Notis McConarty Edward now owns 3,844 shares of the CRM provider's stock valued at $1,032,000 after purchasing an additional 1,604 shares in the last quarter. Alecta Tjanstepension Omsesidigt grew its position in shares of Salesforce by 121.9% in the 1st quarter. Alecta Tjanstepension Omsesidigt now owns 355,000 shares of the CRM provider's stock worth $95,222,000 after buying an additional 195,000 shares during the last quarter. Delaney Dennis R lifted its position in Salesforce by 66.1% during the first quarter. Delaney Dennis R now owns 5,694 shares of the CRM provider's stock valued at $1,528,000 after acquiring an additional 2,266 shares during the last quarter. Journey Strategic Wealth LLC boosted its stake in Salesforce by 34.5% in the first quarter. Journey Strategic Wealth LLC now owns 4,948 shares of the CRM provider's stock valued at $1,328,000 after acquiring an additional 1,270 shares in the last quarter. Finally, Mathes Company Inc. grew its holdings in Salesforce by 396.9% in the first quarter. Mathes Company Inc. now owns 12,298 shares of the CRM provider's stock worth $3,300,000 after purchasing an additional 9,823 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. The Goldman Sachs Group raised their price objective on Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $275.00 target price on shares of Salesforce in a research note on Monday, July 14th. UBS Group set a $404.00 price target on shares of Salesforce and gave the stock an "overweight" rating in a report on Wednesday, June 18th. Canaccord Genuity Group dropped their price objective on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Finally, Citigroup cut their target price on Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $348.16.

Insider Activity at Salesforce

In other news, insider Srinivas Tallapragada sold 6,697 shares of the company's stock in a transaction dated 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 transaction, the insider owned 41,422 shares in the company, valued at $12,219,490. This represents a 13.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 11,955,566 shares in the company, valued at $3,104,501,823.22. This trade represents a 0.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,229 shares of company stock worth $11,898,691. Corporate insiders own 3.20% of the company's stock.

Salesforce Price Performance

Salesforce stock traded down $8.97 during trading hours on Thursday, hitting $240.20. 2,950,570 shares of the company traded hands, compared to its average volume of 7,044,412. The firm's 50-day simple moving average is $264.50 and its two-hundred day simple moving average is $280.68. The firm has a market cap of $229.63 billion, a P/E ratio of 37.59, a P/E/G ratio of 2.25 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 company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same period in the prior year, the firm posted $2.44 earnings per share. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were given 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 payout ratio is presently 25.98%.

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.