Gallagher Capital Advisors LLC Boosts Holdings in Salesforce Inc. (NYSE:CRM)

Gallagher Capital Advisors LLC boosted its position in Salesforce Inc. (NYSE:CRM) by 2.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,753 shares of the CRM provider’s stock after acquiring an additional 106 shares during the quarter. Salesforce accounts for about 1.0% of Gallagher Capital Advisors LLC’s holdings, making the stock its 29th biggest holding. Gallagher Capital Advisors LLC’s holdings in Salesforce were worth $1,275,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CRM. Brighton Jones LLC raised its holdings in Salesforce by 13.7% during the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock worth $8,582,000 after purchasing an additional 3,102 shares in the last quarter. Revolve Wealth Partners LLC grew its position in Salesforce by 12.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock valued at $611,000 after buying an additional 205 shares during the last quarter. First Horizon Advisors Inc. grew its position in Salesforce by 3.3% in the 4th quarter. First Horizon Advisors Inc. now owns 19,451 shares of the CRM provider’s stock valued at $6,503,000 after buying an additional 621 shares during the last quarter. Wealthspire Advisors LLC grew its position in Salesforce by 4.4% in the 4th quarter. Wealthspire Advisors LLC now owns 7,898 shares of the CRM provider’s stock valued at $2,641,000 after buying an additional 332 shares during the last quarter. Finally, Howard Capital Management Inc. grew its position in Salesforce by 9.5% in the 4th quarter. Howard Capital Management Inc. now owns 6,290 shares of the CRM provider’s stock valued at $2,103,000 after buying an additional 548 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CRM shares. Piper Sandler boosted their target price on shares of Salesforce from $315.00 to $335.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 28th. Bank of America cut their target price on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. UBS Group set a $404.00 target price on shares of Salesforce and gave the company an “overweight” rating in a research note on Wednesday, June 18th. Jefferies Financial Group cut their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Barclays cut their target price on shares of Salesforce from $425.00 to $347.00 and set an “overweight” rating for the company in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $349.08.

Salesforce Stock Up 1.0%

NYSE CRM opened at $263.14 on Tuesday. The stock has a market cap of $251.56 billion, a PE ratio of 41.18, a P/E/G ratio of 2.36 and a beta of 1.38. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00. The business has a 50 day moving average price of $268.69 and a two-hundred day moving average price of $296.11. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last released 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. The firm had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. Salesforce’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.44 EPS. As a group, sell-side analysts predict that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The business also recently declared 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 0.63%. The ex-dividend date is Wednesday, June 18th. Salesforce’s dividend payout ratio is presently 25.98%.

Insiders Place Their Bets

In other news, insider Miguel Milano sold 705 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total transaction of $197,005.20. Following the completion of the transaction, the insider now directly owns 9,323 shares in the company, valued at approximately $2,605,219.12. This represents a 7.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider R David Schmaier sold 1,785 shares of the stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $288.34, for a total value of $514,686.90. Following the transaction, the insider now owns 29,190 shares of the company’s stock, valued at approximately $8,416,644.60. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,992 shares of company stock worth $6,704,198 in the last 90 days. 3.20% of the stock is owned by company insiders.

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.