Processus Wealth & Capital Management LLC Raises Stake in Salesforce Inc. (NYSE:CRM)

Processus Wealth & Capital Management LLC lifted its position in shares of Salesforce Inc. (NYSE:CRM) by 0.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,325 shares of the CRM provider’s stock after buying an additional 64 shares during the quarter. Salesforce makes up 2.1% of Processus Wealth & Capital Management LLC’s investment portfolio, making the stock its 22nd largest position. Processus Wealth & Capital Management LLC’s holdings in Salesforce were worth $2,502,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bernard Wealth Management Corp. acquired a new position in shares of Salesforce during the fourth quarter worth $25,000. Accredited Wealth Management LLC bought a new stake in shares of Salesforce in the fourth quarter worth $27,000. Wood Tarver Financial Group LLC bought a new stake in shares of Salesforce in the fourth quarter worth $35,000. Abound Financial LLC bought a new stake in shares of Salesforce in the first quarter worth $31,000. Finally, VSM Wealth Advisory LLC bought a new stake in shares of Salesforce in the fourth quarter worth $45,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Miguel Milano sold 405 shares of the stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $106,251.75. Following the completion of the sale, the insider owned 9,933 shares of the company’s stock, valued at approximately $2,605,922.55. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Parker Harris sold 1,142 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $299,603.70. Following the completion of the transaction, the insider owned 136,824 shares in the company, valued at approximately $35,895,776.40. The trade was a 0.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,284 shares of company stock worth $9,444,537. 3.20% of the stock is owned by insiders.

Salesforce Trading Down 2.6%

NYSE CRM opened at $263.95 on Friday. The stock has a market capitalization of $252.34 billion, a price-to-earnings ratio of 41.31, a PEG ratio of 2.46 and a beta of 1.36. The stock’s 50 day moving average price is $272.43 and its two-hundred day moving average price is $289.84. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. Salesforce Inc. has a 52 week low of $230.00 and a 52 week high of $369.00.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion for 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%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.44 EPS. As a group, analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were given a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce’s payout ratio is 25.98%.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research analyst reports. Sanford C. Bernstein lifted their price target on shares of Salesforce from $243.00 to $255.00 and gave the stock an “underperform” rating in a research note on Thursday, May 29th. Canaccord Genuity Group lowered their target price on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, May 28th. BMO Capital Markets lowered their target price on shares of Salesforce from $350.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday. Scotiabank lowered their target price on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. Finally, Stephens lowered their target price on shares of Salesforce from $311.00 to $309.00 and set an “equal weight” rating for the company in a research note on Friday, May 30th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $348.68.

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.