New Insight Wealth Advisors Increases Position in Salesforce Inc. (NYSE:CRM)

New Insight Wealth Advisors increased its stake in shares of Salesforce Inc. (NYSE:CRM) by 5.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,729 shares of the CRM provider’s stock after buying an additional 182 shares during the quarter. New Insight Wealth Advisors’ holdings in Salesforce were worth $1,001,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Millstone Evans Group LLC purchased a new stake in Salesforce in the fourth quarter valued at $823,000. Heartland Bank & Trust Co boosted its holdings in Salesforce by 117.2% in the first quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider’s stock valued at $1,605,000 after purchasing an additional 3,227 shares during the last quarter. Catalyst Funds Management Pty Ltd purchased a new stake in Salesforce in the fourth quarter valued at $5,249,000. Elwood Capital Partners LP purchased a new stake in Salesforce in the fourth quarter valued at $1,337,000. Finally, Bestgate Wealth Advisors LLC purchased a new stake in Salesforce in the fourth quarter valued at $441,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Parker Harris sold 1,142 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $299,603.70. Following the completion of the sale, the insider owned 136,824 shares of the company’s stock, valued at $35,895,776.40. This represents a 0.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Miguel Milano sold 405 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $106,251.75. Following the completion of the sale, the insider directly owned 9,933 shares of the company’s stock, valued at approximately $2,605,922.55. This trade represents a 3.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,034 shares of company stock worth $8,833,235 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Up 1.5%

CRM stock opened at $273.77 on Wednesday. The company has a market cap of $261.72 billion, a price-to-earnings ratio of 42.84, a PEG ratio of 2.45 and a beta of 1.36. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 12 month low of $230.00 and a 12 month high of $369.00. The firm has a 50-day moving average of $272.48 and a two-hundred day moving average of $290.51.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. The company 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%. Salesforce’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.44 EPS. As a group, analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

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

Analyst Upgrades and Downgrades

Several research firms have commented on CRM. Northland Securities lowered their price target on shares of Salesforce from $423.00 to $396.00 and set an “outperform” rating on the stock in a report on Thursday, May 29th. Royal Bank Of Canada lowered shares of Salesforce from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $420.00 to $275.00 in a report on Thursday, May 29th. Wells Fargo & Company upped their price target on shares of Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a report on Thursday, May 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $325.00 price target on shares of Salesforce in a report on Thursday, June 26th. Finally, BMO Capital Markets lowered their price target on shares of Salesforce from $367.00 to $350.00 and set an “outperform” rating on the stock in a report on Tuesday, May 27th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, 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.