New Mexico Educational Retirement Board Sells 1,500 Shares of Salesforce Inc. (NYSE:CRM)

New Mexico Educational Retirement Board decreased its position in Salesforce Inc. (NYSE:CRM) by 3.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,686 shares of the CRM provider’s stock after selling 1,500 shares during the period. Salesforce accounts for 0.4% of New Mexico Educational Retirement Board’s portfolio, making the stock its 27th largest position. New Mexico Educational Retirement Board’s holdings in Salesforce were worth $11,992,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Bernard Wealth Management Corp. bought a new position in shares of Salesforce in the 4th quarter worth $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce in the 4th quarter valued at about $27,000. Abound Financial LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at about $31,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Salesforce in the fourth quarter valued at about $35,000. Finally, VSM Wealth Advisory LLC bought a new stake in Salesforce during the fourth quarter worth about $45,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

CRM stock opened at $273.77 on Wednesday. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The stock has a market cap of $261.72 billion, a PE ratio of 42.84, a price-to-earnings-growth 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. The stock has a 50-day moving average price of $272.48 and a two-hundred day moving average price of $290.51.

Salesforce (NYSE:CRM) last announced its 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. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same quarter last year, the company earned $2.44 earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities analysts forecast that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be given 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 yield of 0.61%. Salesforce’s dividend payout ratio (DPR) is currently 25.98%.

Wall Street Analyst Weigh In

CRM has been the topic of a number of recent analyst reports. Barclays lowered their price target on Salesforce from $425.00 to $347.00 and set an “overweight” rating on the stock in a research report on Thursday, May 29th. 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. Oppenheimer reaffirmed an “outperform” rating and set a $370.00 target price on shares of Salesforce in a report on Tuesday, June 10th. Cantor Fitzgerald reissued an “overweight” rating and issued a $325.00 price objective on shares of Salesforce in a research note on Thursday, June 26th. Finally, UBS Group set a $404.00 price target on Salesforce and gave the stock an “overweight” rating in a research note on Wednesday, June 18th. Two equities 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $349.08.

Insider Buying and Selling at Salesforce

In related news, insider Miguel Milano sold 405 shares of the firm’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $106,251.75. Following the transaction, the insider 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 1,142 shares of Salesforce stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $299,603.70. Following the transaction, the insider directly owned 136,824 shares in the company, valued at approximately $35,895,776.40. This represents a 0.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,034 shares of company stock valued at $8,833,235. 3.20% of the stock is owned by corporate 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.