Parsons Capital Management Inc. RI Reduces Stake in Salesforce, Inc. (NYSE:CRM)

Parsons Capital Management Inc. RI decreased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,324 shares of the CRM provider’s stock after selling 349 shares during the period. Parsons Capital Management Inc. RI’s holdings in Salesforce were worth $4,381,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bernard Wealth Management Corp. purchased a new position in Salesforce during the fourth quarter worth $25,000. Accredited Wealth Management LLC purchased a new stake in shares of Salesforce in the fourth quarter valued at $27,000. Arlington Trust Co LLC grew its position in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares during the period. Asset Planning Inc purchased a new stake in shares of Salesforce in the fourth quarter valued at $31,000. Finally, Collier Financial acquired a new position in Salesforce in the fourth quarter valued at $32,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 1,909 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares in the company, valued at approximately $3,218,599.80. This represents a 14.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $277.37, for a total value of $1,725,518.77. Following the sale, the chief financial officer now owns 46,750 shares of the company’s stock, valued at $12,967,047.50. This trade represents a 11.74% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,332 shares of company stock worth $11,024,802. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the topic of a number of research analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $370.00 target price (down previously from $380.00) on shares of Salesforce in a report on Thursday, May 29th. Northland Securities reduced their target price on Salesforce from $423.00 to $396.00 and set an “outperform” rating on the stock in a report on Thursday, May 29th. Erste Group Bank cut Salesforce from a “buy” rating to a “hold” rating in a report on Thursday, June 5th. Jefferies Financial Group reduced their target price on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, Wells Fargo & Company lifted their target price on Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $346.34.

Salesforce Stock Performance

Shares of NYSE CRM opened at $272.36 on Tuesday. 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 stock has a 50 day simple moving average of $266.57 and a 200-day simple moving average of $301.70. The company has a market cap of $260.38 billion, a PE ratio of 44.80, a P/E/G ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 12-month low of $227.77 and a 12-month high of $369.00.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.44 earnings per share. On average, equities research analysts forecast that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

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