Congress Park Capital LLC Has $2.18 Million Holdings in Salesforce Inc. (NYSE:CRM)

Congress Park Capital LLC lessened its holdings in Salesforce Inc. (NYSE:CRM) by 3.7% during the first quarter, HoldingsChannel.com reports. The fund owned 8,123 shares of the CRM provider’s stock after selling 314 shares during the period. Congress Park Capital LLC’s holdings in Salesforce were worth $2,180,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CRM. Geode Capital Management LLC increased its holdings in Salesforce by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider’s stock worth $6,656,078,000 after purchasing an additional 175,035 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Salesforce by 1.4% in the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock valued at $4,163,703,000 after buying an additional 177,321 shares during the period. Northern Trust Corp raised its holdings in Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock valued at $3,752,830,000 after buying an additional 1,736,667 shares during the last quarter. Norges Bank acquired a new stake in Salesforce during the 4th quarter worth approximately $3,599,867,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Salesforce by 23.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider’s stock worth $2,988,422,000 after acquiring an additional 1,683,233 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In related news, insider Parker Harris sold 3,273 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $931,430.34. Following the sale, the insider now directly owns 125,146 shares in the company, valued at approximately $35,614,048.68. This represents a 2.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through 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 completion of the transaction, the insider now owns 41,422 shares of the company’s stock, valued at $12,219,490. This represents a 13.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,111 shares of company stock worth $9,299,283 over the last three months. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Performance

CRM stock opened at $258.98 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The firm has a market cap of $247.59 billion, a PE ratio of 40.53, a P/E/G ratio of 2.35 and a beta of 1.38. The business has a 50 day moving average of $268.39 and a 200-day moving average of $298.23. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00.

Salesforce (NYSE:CRM) last posted its quarterly earnings data 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 12.94% and a net margin of 16.08%. The business had revenue of $9.83 billion for the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter in the previous year, the firm earned $2.44 earnings per share. The business’s revenue was up 7.6% on a year-over-year basis. As a group, sell-side analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CRM shares. Stifel Nicolaus 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 note on Thursday, February 27th. BMO Capital Markets decreased their price objective on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a report on Tuesday, May 27th. Citigroup reduced their price target on Salesforce from $320.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 30th. Piper Sandler increased their price target on Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research note on Wednesday, May 28th. Finally, Stephens reduced their target price on Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $349.08.

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.