SOA Wealth Advisors LLC. Cuts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

SOA Wealth Advisors LLC. reduced its position in shares of Salesforce, Inc. (NYSE:CRM) by 4.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,247 shares of the CRM provider’s stock after selling 58 shares during the period. SOA Wealth Advisors LLC.’s holdings in Salesforce were worth $335,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Athena Investment Management purchased a new position in Salesforce during the fourth quarter worth about $236,000. Jag Capital Management LLC grew its position in Salesforce by 2,507.9% during the fourth quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider’s stock worth $7,926,000 after buying an additional 22,797 shares during the period. Atlantic Union Bankshares Corp grew its position in Salesforce by 2.7% during the fourth quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider’s stock worth $9,146,000 after buying an additional 723 shares during the period. Dash Acquisitions Inc. grew its position in Salesforce by 2.6% during the fourth quarter. Dash Acquisitions Inc. now owns 60,521 shares of the CRM provider’s stock worth $21,785,000 after buying an additional 1,525 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in Salesforce during the fourth quarter worth about $823,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRM has been the topic of several recent analyst reports. Erste Group Bank lowered shares of Salesforce from a “buy” rating to a “hold” rating in a research report on Thursday. The Goldman Sachs Group upped their target price on shares of Salesforce from $340.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, May 29th. Cantor Fitzgerald initiated coverage on shares of Salesforce in a research report on Tuesday, June 3rd. They set an “overweight” rating and a $325.00 target price on the stock. BMO Capital Markets lowered their target price on shares of Salesforce from $367.00 to $350.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 27th. Finally, Sanford C. Bernstein increased their price target on shares of Salesforce from $243.00 to $255.00 and gave the company an “underperform” rating in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $346.34.

Salesforce Stock Performance

Shares of CRM stock opened at $274.48 on Monday. The company’s fifty day simple moving average is $266.57 and its 200-day simple moving average is $302.19. Salesforce, Inc. has a 52 week low of $227.77 and a 52 week high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $262.40 billion, a PE ratio of 45.14, a P/E/G ratio of 2.58 and a beta of 1.38.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter last year, the firm posted $2.44 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be paid a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce’s dividend payout ratio is presently 25.98%.

Insider Activity

In related news, insider R David Schmaier sold 6,959 shares of the firm’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the sale, the insider now directly owns 36,090 shares of the company’s stock, valued at approximately $9,141,957.90. This trade represents a 16.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Miguel Milano sold 705 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now directly owns 9,323 shares of the company’s stock, valued at approximately $2,605,219.12. The trade was a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,332 shares of company stock valued at $11,024,802. Company insiders own 3.20% of the company’s stock.

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.