Mainstay Capital Management LLC ADV Lowers Stock Position in Salesforce Inc. (NYSE:CRM)

Mainstay Capital Management LLC ADV reduced its stake in shares of Salesforce Inc. (NYSE:CRM) by 1.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,573 shares of the CRM provider’s stock after selling 81 shares during the period. Mainstay Capital Management LLC ADV’s holdings in Salesforce were worth $1,496,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Bernard Wealth Management Corp. acquired a new position in Salesforce in the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce during the 4th quarter valued at about $27,000. Wood Tarver Financial Group LLC acquired a new position in Salesforce in the fourth quarter valued at about $35,000. Capital A Wealth Management LLC boosted its position in Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider’s stock valued at $30,000 after buying an additional 90 shares in the last quarter. Finally, Abound Financial LLC bought a new position in shares of Salesforce in the first quarter worth about $31,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Performance

CRM opened at $262.40 on Friday. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The business has a 50 day moving average price of $270.45 and a two-hundred day moving average price of $286.50. The company has a market capitalization of $250.85 billion, a price-to-earnings ratio of 41.06, a price-to-earnings-growth ratio of 2.36 and a beta of 1.36. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07.

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

Salesforce Cuts Dividend

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on CRM shares. Guggenheim upgraded shares of Salesforce from a “sell” rating to a “neutral” rating in a report on Monday, April 21st. Royal Bank Of Canada restated a “sector perform” rating and issued a $275.00 price target on shares of Salesforce in a research report on Monday, July 14th. 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 report on Friday, May 30th. BMO Capital Markets dropped their target price on shares of Salesforce from $350.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, July 10th. Finally, Jefferies Financial Group decreased their target price on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, March 31st. 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. Based on data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $348.16.

Insider Buying and Selling at Salesforce

In other news, insider Miguel Milano sold 405 shares of the company’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 sale, the insider directly owned 9,933 shares of the company’s stock, valued at approximately $2,605,922.55. This represents a 3.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Srinivas Tallapragada sold 1,269 shares of the company’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $332,922.15. Following the completion of the sale, the insider directly owned 42,678 shares in the company, valued at approximately $11,196,573.30. The trade was a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,819 shares of company stock worth $9,111,823 over the last quarter. 3.20% of the stock is currently owned by insiders.

Salesforce 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.