Elgethun Capital Management Reduces Stock Holdings in Salesforce Inc. (NYSE:CRM)

Elgethun Capital Management cut its holdings in shares of Salesforce Inc. (NYSE:CRM) by 16.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 961 shares of the CRM provider’s stock after selling 183 shares during the period. Elgethun Capital Management’s holdings in Salesforce were worth $258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CRM. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce in the fourth quarter worth about $25,000. Accredited Wealth Management LLC acquired a new stake in Salesforce during the fourth quarter worth about $27,000. Capital A Wealth Management LLC raised its position in Salesforce by 450.0% during the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider’s stock valued at $30,000 after acquiring an additional 90 shares in the last quarter. CBIZ Investment Advisory Services LLC lifted its holdings in Salesforce by 314.8% in the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider’s stock valued at $30,000 after acquiring an additional 85 shares during the period. Finally, Abound Financial LLC acquired a new position in Salesforce in the first quarter valued at approximately $31,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $252.42, for a total value of $567,945.00. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at approximately $3,006,718,751.82. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 44,229 shares of company stock worth $11,898,691. 3.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Barclays cut their target price on shares of Salesforce from $425.00 to $347.00 and set an “overweight” rating for the company in a report on Thursday, May 29th. The Goldman Sachs Group lifted their price objective on shares of Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Morgan Stanley reiterated an “overweight” rating and issued a $404.00 price objective (up previously from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Piper Sandler raised their target price on Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday, May 28th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $275.00 price target on shares of Salesforce in a report on Monday, July 14th. Three research 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $348.16.

Salesforce Stock Performance

NYSE CRM opened at $248.87 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The stock’s fifty day moving average is $264.50 and its two-hundred day moving average is $280.68. The firm has a market capitalization of $237.92 billion, a P/E ratio of 38.95, a price-to-earnings-growth ratio of 2.25 and a beta of 1.37. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share 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 firm had revenue of $9.83 billion for the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter in the previous year, the company posted $2.44 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. On average, research analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.7%. Salesforce’s dividend payout ratio (DPR) is currently 25.98%.

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.