Daymark Wealth Partners LLC Decreases Stock Position in Salesforce Inc. (NYSE:CRM)

Daymark Wealth Partners LLC decreased its position in shares of Salesforce Inc. (NYSE:CRM) by 59.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,056 shares of the CRM provider’s stock after selling 103,866 shares during the period. Daymark Wealth Partners LLC’s holdings in Salesforce were worth $19,069,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CRM. Golden State Equity Partners grew its holdings in Salesforce by 0.4% during the 1st quarter. Golden State Equity Partners now owns 20,860 shares of the CRM provider’s stock valued at $5,598,000 after buying an additional 78 shares in the last quarter. Archford Capital Strategies LLC boosted its position in shares of Salesforce by 28.0% during the 1st quarter. Archford Capital Strategies LLC now owns 10,271 shares of the CRM provider’s stock valued at $2,756,000 after acquiring an additional 2,247 shares during the last quarter. Financial Enhancement Group LLC purchased a new position in shares of Salesforce in the first quarter valued at $605,000. Moran Wealth Management LLC increased its position in Salesforce by 0.6% in the first quarter. Moran Wealth Management LLC now owns 23,402 shares of the CRM provider’s stock worth $6,280,000 after purchasing an additional 139 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in Salesforce by 5.0% during the first quarter. International Assets Investment Management LLC now owns 3,517 shares of the CRM provider’s stock valued at $944,000 after purchasing an additional 166 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRM has been the subject of a number of recent research reports. Erste Group Bank cut shares of Salesforce from a “buy” rating to a “hold” rating in a research note on Thursday, June 5th. UBS Group set a $404.00 price target on Salesforce and gave the stock an “overweight” rating in a research report on Wednesday, June 18th. Mizuho decreased their price objective on Salesforce from $425.00 to $380.00 and set an “outperform” rating on the stock in a research report on Thursday, May 15th. Barclays lowered their price objective on Salesforce from $425.00 to $347.00 and set an “overweight” rating for the company in a research note on Thursday, May 29th. Finally, Westpark Capital reissued a “buy” rating and set a $320.00 target price on shares of Salesforce in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, eight have assigned 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.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $349.08.

Insider Activity

In other Salesforce news, CAO Sundeep G. Reddy sold 1,256 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $318,157.36. Following the completion of the sale, the chief accounting officer now directly owns 12,826 shares in the company, valued at $3,248,954.06. This trade represents a 8.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R David Schmaier sold 6,959 shares of the firm’s 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 owns 36,090 shares of the company’s stock, valued at approximately $9,141,957.90. This trade represents a 16.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,284 shares of company stock worth $6,996,762. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE CRM opened at $271.43 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The firm’s 50 day moving average price is $269.02 and its 200-day moving average price is $295.94. Salesforce Inc. has a 52-week low of $230.00 and a 52-week high of $369.00. The company has a market cap of $259.49 billion, a PE ratio of 42.48, a P/E/G ratio of 2.39 and a beta of 1.38.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. During the same period last year, the firm earned $2.44 earnings per share. The company’s quarterly revenue was up 7.6% on a year-over-year basis. Sell-side analysts forecast that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.61%. Salesforce’s dividend payout ratio is presently 25.98%.

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.