NorthCrest Asset Manangement LLC Has $27.44 Million Stake in Salesforce, Inc. (NYSE:CRM)

NorthCrest Asset Manangement LLC increased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 2.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,261 shares of the CRM provider’s stock after purchasing an additional 2,491 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Salesforce were worth $27,443,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Capital Advisors Ltd. LLC grew its stake in shares of Salesforce by 4.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after acquiring an additional 31 shares in the last quarter. Prossimo Advisors LLC grew its stake in shares of Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after acquiring an additional 32 shares in the last quarter. Mainstream Capital Management LLC grew its stake in shares of Salesforce by 0.5% in the 4th quarter. Mainstream Capital Management LLC now owns 6,409 shares of the CRM provider’s stock worth $2,143,000 after acquiring an additional 33 shares in the last quarter. Warren Street Wealth Advisors LLC grew its stake in shares of Salesforce by 3.9% in the 4th quarter. Warren Street Wealth Advisors LLC now owns 896 shares of the CRM provider’s stock worth $300,000 after acquiring an additional 34 shares in the last quarter. Finally, Citizens National Bank Trust Department grew its stake in shares of Salesforce by 1.9% in the 4th quarter. Citizens National Bank Trust Department now owns 1,924 shares of the CRM provider’s stock worth $643,000 after acquiring an additional 35 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Up 0.2%

CRM stock opened at $266.56 on Friday. The company has a market capitalization of $254.83 billion, a PE ratio of 43.84, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The company’s 50 day moving average price is $267.80 and its two-hundred day moving average price is $300.72. Salesforce, Inc. has a one year low of $227.77 and a one year high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.83 billion for the quarter, compared to analysts’ expectations of $9.74 billion. During the same period last year, the firm earned $2.44 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be issued a dividend of $0.416 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.62%. Salesforce’s dividend payout ratio is currently 25.98%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CRM shares. Morgan Stanley reiterated an “overweight” rating and issued a $404.00 target price (up previously from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. Citigroup reduced their price target on shares of Salesforce from $320.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 30th. UBS Group reduced their price target on shares of Salesforce from $320.00 to $300.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. Canaccord Genuity Group reduced their price target on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, May 28th. Finally, Robert W. Baird reduced their price target on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company 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 issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $346.34.

Insider Activity at Salesforce

In other Salesforce news, insider Srinivas Tallapragada sold 6,697 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 41,422 shares of the company’s stock, valued at approximately $12,219,490. The trade was a 13.92% 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, CAO Sundeep G. Reddy sold 1,909 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $543,263.22. Following the transaction, the chief accounting officer now directly owns 11,310 shares in the company, valued at approximately $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,332 shares of company stock worth $11,024,802 in the last three months. 3.20% of the stock is owned by insiders.

Salesforce 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.