MainStreet Investment Advisors LLC Has $257,000 Stock Position in Salesforce Inc. (NYSE:CRM)

MainStreet Investment Advisors LLC lowered its stake in Salesforce Inc. (NYSE:CRM) by 15.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 958 shares of the CRM provider’s stock after selling 171 shares during the period. MainStreet Investment Advisors LLC’s holdings in Salesforce were worth $257,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CRM. Bernard Wealth Management Corp. bought a new position in shares of Salesforce during the fourth quarter valued at $25,000. Accredited Wealth Management LLC bought a new position in shares of Salesforce during the fourth quarter valued at $27,000. Wood Tarver Financial Group LLC bought a new position in shares of Salesforce during the fourth quarter valued at $35,000. Abound Financial LLC bought a new position in shares of Salesforce during the first quarter valued at $31,000. Finally, VSM Wealth Advisory LLC bought a new position in shares of Salesforce during the fourth quarter valued at $45,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insiders Place Their Bets

In other Salesforce news, insider Srinivas Tallapragada sold 1,269 shares of Salesforce stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $332,922.15. Following the sale, the insider owned 42,678 shares of the company’s stock, valued at approximately $11,196,573.30. The trade was a 2.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Parker Harris sold 1,142 shares of Salesforce stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $299,603.70. Following the completion of the sale, 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 quarter, insiders have sold 35,284 shares of company stock valued at $9,444,537. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Down 2.6%

Salesforce stock opened at $263.95 on Friday. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00. The stock has a market cap of $252.34 billion, a PE ratio of 41.31, a price-to-earnings-growth ratio of 2.46 and a beta of 1.36. The firm’s 50-day simple moving average is $272.43 and its 200 day simple moving average 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 (NYSE:CRM) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate 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 net margin of 16.08% and a return on equity of 12.94%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.44 earnings per share. Research analysts predict that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

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

Analyst Ratings Changes

CRM has been the subject of several analyst reports. Canaccord Genuity Group dropped their price target 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. Erste Group Bank downgraded shares of Salesforce from a “buy” rating to a “hold” rating in a research note on Thursday, June 5th. Citigroup lowered their target price on shares of Salesforce from $320.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 30th. UBS Group set a $404.00 target price on shares of Salesforce and gave the stock an “overweight” rating in a research note on Wednesday, June 18th. Finally, Guggenheim raised shares of Salesforce from a “sell” rating to a “neutral” rating in a research note on Monday, April 21st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $348.68.

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.