Salesforce, Inc. (NYSE:CRM) Shares Acquired by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. raised its stake in shares of Salesforce, Inc. (NYSE:CRM) by 1.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,057 shares of the CRM provider’s stock after purchasing an additional 68 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Salesforce were worth $1,089,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Bernard Wealth Management Corp. purchased a new position in Salesforce during the fourth quarter valued at $25,000. Accredited Wealth Management LLC acquired a new stake in Salesforce during the fourth quarter worth about $27,000. Asset Planning Inc acquired a new stake in Salesforce during the fourth quarter worth about $31,000. Halbert Hargrove Global Advisors LLC acquired a new stake in Salesforce during the fourth quarter worth about $35,000. Finally, Wood Tarver Financial Group LLC acquired a new stake in Salesforce during the fourth quarter worth about $35,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Performance

NYSE:CRM opened at $258.25 on Friday. The company has a quick ratio of 1.11, a current 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 stock has a market cap of $246.89 billion, a PE ratio of 42.48, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The firm’s fifty day simple moving average is $268.09 and its 200-day simple moving average is $300.13.

Salesforce (NYSE:CRM) last posted its quarterly 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 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 analysts’ expectations of $9.74 billion. During the same period in the prior year, the company posted $2.44 EPS. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. Analysts expect that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.64%. Salesforce’s dividend payout ratio is presently 25.98%.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $277.37, for a total value 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 trade represents a 11.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R David Schmaier sold 6,959 shares of the stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the sale, the insider now directly owns 36,090 shares of the company’s stock, valued at $9,141,957.90. This trade represents a 16.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,332 shares of company stock worth $11,024,802 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRM. Redburn Atlantic began coverage on shares of Salesforce in a research report on Wednesday, February 19th. They set a “buy” rating for the company. UBS Group dropped 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. Jefferies Financial Group dropped their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Sanford C. Bernstein lifted their price target on shares of Salesforce from $243.00 to $255.00 and gave the company an “underperform” rating in a research report on Thursday, May 29th. Finally, Citigroup lowered their price objective on shares of Salesforce from $320.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 30th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $346.34.

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.