Salesforce Inc. (NYSE:CRM) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its holdings in Salesforce Inc. by 17.3%, owning 830,760 shares valued at approximately $222.94 million, which is 0.6% of its investment portfolio.
• Salesforce's quarterly earnings surpassed analysts' expectations, reporting $2.58 earnings per share and $9.83 billion in revenue, marking a 7.6% increase compared to the same quarter last year.
• Analysts have a consensus rating of "Moderate Buy" for Salesforce stock, with an average price target of $348.16 and various ratings ranging from "sell" to "strong buy" across 42 analysts.

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 17.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 830,760 shares of the CRM provider's stock after buying an additional 122,500 shares during the quarter. Salesforce comprises approximately 0.6% of Zurcher Kantonalbank Zurich Cantonalbank's portfolio, making the stock its 19th biggest position. Zurcher Kantonalbank Zurich Cantonalbank owned 0.09% of Salesforce worth $222,943,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CRM. Delaney Dennis R grew its stake in shares of Salesforce by 66.1% in the first quarter. Delaney Dennis R now owns 5,694 shares of the CRM provider's stock worth $1,528,000 after acquiring an additional 2,266 shares during the period. Journey Strategic Wealth LLC boosted its holdings in Salesforce by 34.5% in the first quarter. Journey Strategic Wealth LLC now owns 4,948 shares of the CRM provider's stock worth $1,328,000 after purchasing an additional 1,270 shares during the last quarter. ARK Investment Management LLC purchased a new stake in Salesforce during the 1st quarter valued at $20,179,000. Strategic Blueprint LLC lifted its holdings in shares of Salesforce by 13.5% during the 1st quarter. Strategic Blueprint LLC now owns 23,828 shares of the CRM provider's stock valued at $6,394,000 after buying an additional 2,837 shares during the period. Finally, Caliber Wealth Management LLC KS purchased a new position in shares of Salesforce in the 1st quarter worth $1,882,000. Institutional investors own 80.43% of the company's stock.

Salesforce Price Performance

Shares of Salesforce stock traded down $0.18 during trading hours on Wednesday, reaching $267.21. 1,662,356 shares of the company's stock were exchanged, compared to its average volume of 7,080,833. The business has a fifty day moving average of $267.33 and a two-hundred day moving average of $283.24. The company has a market capitalization of $255.45 billion, a P/E ratio of 41.80, a price-to-earnings-growth ratio of 2.45 and a beta of 1.36. 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 Inc. has a 1 year low of $230.00 and a 1 year high of $369.00.

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

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were paid a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CRM shares. Needham & Company LLC reissued a "buy" rating and issued a $400.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Erste Group Bank lowered Salesforce from a "buy" rating to a "hold" rating in a research note on Thursday, June 5th. Canaccord Genuity Group lowered their price target 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. JMP Securities restated a "market outperform" rating and set a $430.00 target price on shares of Salesforce in a research note on Friday, July 11th. Finally, Wells Fargo & Company increased their price target on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 29th. Three investment analysts have rated the stock with a sell rating, eight have assigned 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.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $348.16.

Insider Buying and Selling at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $271.69, for a total value of $611,302.50. Following the completion of the sale, the chief executive officer owned 11,862,457 shares of the company's stock, valued at $3,222,910,942.33. This represents a 0.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the sale, the insider directly owned 41,422 shares in the company, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,979 shares of company stock worth $10,303,399. Insiders own 3.20% of the company's stock.

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.