Wolff Wiese Magana LLC Cuts Stock Position in Salesforce Inc. (NYSE:CRM)

Wolff Wiese Magana LLC lessened its holdings in Salesforce Inc. (NYSE:CRM) by 10.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,836 shares of the CRM provider’s stock after selling 337 shares during the period. Wolff Wiese Magana LLC’s holdings in Salesforce were worth $761,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Geode Capital Management LLC increased its stake 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 buying an additional 175,035 shares in the last quarter. Fisher Asset Management LLC increased its stake in Salesforce by 1.4% in the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock worth $4,163,703,000 after buying an additional 177,321 shares in the last quarter. Northern Trust Corp increased its stake in Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock worth $3,752,830,000 after buying an additional 1,736,667 shares in the last quarter. Norges Bank purchased a new stake in Salesforce in the 4th quarter worth $3,599,867,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Salesforce by 23.2% in 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 buying an additional 1,683,233 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Bank of America cut their price target on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Stifel Nicolaus cut their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Piper Sandler raised their price objective on Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday, May 28th. Canaccord Genuity Group cut their price objective on Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, May 28th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $325.00 price objective on shares of Salesforce in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $349.08.

Salesforce Stock Up 0.5%

Shares of NYSE CRM opened at $260.79 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $249.31 billion, a P/E ratio of 40.81, a PEG ratio of 2.36 and a beta of 1.38. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The firm has a 50-day simple moving average of $268.51 and a two-hundred day simple moving average of $297.25.

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, topping the consensus estimate of $2.55 by $0.03. The business 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%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.44 earnings per share. Research analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

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

Insider Activity

In other news, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce 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 $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares of the company’s stock, valued at approximately $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now directly owns 9,323 shares of the company’s stock, valued at $2,605,219.12. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,111 shares of company stock valued at $9,299,283. Corporate 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.