Tritonpoint Wealth LLC Purchases 159 Shares of Salesforce, Inc. (NYSE:CRM)

Tritonpoint Wealth LLC grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 1.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,089 shares of the CRM provider’s stock after acquiring an additional 159 shares during the quarter. Tritonpoint Wealth LLC’s holdings in Salesforce were worth $4,049,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Griffin Asset Management Inc. increased its stake in shares of Salesforce by 332.2% in the first quarter. Griffin Asset Management Inc. now owns 2,965 shares of the CRM provider’s stock valued at $796,000 after buying an additional 2,279 shares during the period. Azzad Asset Management Inc. ADV boosted its holdings in shares of Salesforce by 3.0% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 18,433 shares of the CRM provider’s stock worth $4,947,000 after buying an additional 529 shares in the last quarter. BigSur Wealth Management LLC boosted its holdings in shares of Salesforce by 17.0% during the 1st quarter. BigSur Wealth Management LLC now owns 11,700 shares of the CRM provider’s stock worth $3,140,000 after buying an additional 1,700 shares in the last quarter. New England Research & Management Inc. bought a new position in shares of Salesforce during the 1st quarter worth approximately $330,000. Finally, Ipswich Investment Management Co. Inc. lifted its holdings in shares of Salesforce by 3.4% in the 1st quarter. Ipswich Investment Management Co. Inc. now owns 3,698 shares of the CRM provider’s stock worth $992,000 after purchasing an additional 120 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Down 3.2%

CRM stock opened at $258.25 on Friday. Salesforce, Inc. has a 1-year low of $227.77 and a 1-year high of $369.00. The business has a fifty day moving average price of $268.09 and a 200-day moving average price of $300.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $246.89 billion, a P/E ratio of 42.48, a P/E/G ratio of 2.58 and a beta of 1.38.

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 the consensus estimate 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 during the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter in the previous year, the business earned $2.44 earnings per share. The company’s revenue was up 7.6% on a year-over-year basis. Equities analysts forecast that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be issued a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Wednesday, June 18th. Salesforce’s dividend payout ratio is 25.98%.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Miguel Milano sold 705 shares of the company’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the completion of the sale, the insider now owns 9,323 shares in the company, valued at $2,605,219.12. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 completion of the sale, the insider now 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,332 shares of company stock valued at $11,024,802. 3.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CRM has been the topic of a number of recent research reports. DA Davidson reiterated an “underperform” rating and issued a $200.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Stephens cut their price target on Salesforce from $311.00 to $309.00 and set an “equal weight” rating for the company in a research note on Friday, May 30th. Mizuho cut their price target on Salesforce from $425.00 to $380.00 and set an “outperform” rating for the company in a research note on Thursday, May 15th. BMO Capital Markets cut their target price on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a research note on Tuesday, May 27th. Finally, The Goldman Sachs Group lifted their price target on Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $346.34.

About Salesforce

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.