Salesforce Inc. (NYSE:CRM) Shares Sold by TD Asset Management Inc

TD Asset Management Inc reduced its stake in shares of Salesforce Inc. (NYSE:CRM) by 6.0% during the 1st quarter, HoldingsChannel reports. The firm owned 772,814 shares of the CRM provider’s stock after selling 49,563 shares during the quarter. TD Asset Management Inc’s holdings in Salesforce were worth $207,392,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. HB Wealth Management LLC boosted its holdings in Salesforce by 33.6% in the 1st quarter. HB Wealth Management LLC now owns 35,698 shares of the CRM provider’s stock valued at $9,580,000 after purchasing an additional 8,980 shares during the last quarter. Nikko Asset Management Americas Inc. purchased a new stake in shares of Salesforce during the 1st quarter valued at approximately $27,884,000. Angeles Wealth Management LLC lifted its holdings in Salesforce by 7.6% in the first quarter. Angeles Wealth Management LLC now owns 4,128 shares of the CRM provider’s stock valued at $1,108,000 after acquiring an additional 290 shares during the last quarter. Nvwm LLC grew its position in Salesforce by 0.9% in the first quarter. Nvwm LLC now owns 6,000 shares of the CRM provider’s stock worth $1,578,000 after acquiring an additional 56 shares during the period. Finally, First Heartland Consultants Inc. increased its stake in Salesforce by 10.7% during the first quarter. First Heartland Consultants Inc. now owns 1,246 shares of the CRM provider’s stock worth $334,000 after acquiring an additional 120 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Up 0.5%

NYSE CRM opened at $269.11 on Friday. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The company has a market capitalization of $257.27 billion, a price-to-earnings ratio of 42.11, a PEG ratio of 2.44 and a beta of 1.36. The stock’s 50 day moving average is $268.07 and its two-hundred day moving average is $283.98. 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 (NYSE:CRM) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. Salesforce’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.44 EPS. Equities 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 was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were paid a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.62%. Salesforce’s payout ratio is presently 25.98%.

Insider Activity at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of the business’s stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $266.56, for a total transaction of $599,760.00. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at approximately $3,175,148,365.76. The trade was a 0.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 33,479 shares of company stock worth $9,091,796 over the last ninety days. 3.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CRM shares. Mizuho lowered their price target on Salesforce from $425.00 to $380.00 and set an “outperform” rating for the company in a report on Thursday, May 15th. DA Davidson reaffirmed an “underperform” rating and set a $200.00 target price on shares of Salesforce in a research note on Wednesday, May 28th. Guggenheim upgraded shares of Salesforce from a “sell” rating to a “neutral” rating in a research report on Monday, April 21st. Citigroup decreased their price objective on shares of Salesforce from $320.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 30th. Finally, Stephens dropped 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. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $348.16.

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.