USA Financial Formulas lifted its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 5.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 799 shares of the CRM provider’s stock after acquiring an additional 43 shares during the quarter. USA Financial Formulas’ holdings in Salesforce were worth $214,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also modified their holdings of CRM. Norges Bank purchased a new position in Salesforce in the fourth quarter valued at $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Salesforce by 926.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock valued at $1,422,979,000 after buying an additional 3,841,521 shares during the last quarter. GAMMA Investing LLC increased its holdings in Salesforce by 30,456.9% in the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider’s stock valued at $1,020,194,000 after buying an additional 3,789,147 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Salesforce in the fourth quarter valued at $1,173,564,000. Finally, Invesco Ltd. increased its holdings in Salesforce by 42.5% in the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock valued at $2,604,770,000 after buying an additional 2,325,156 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.
Insider Buying and Selling
In other news, insider Srinivas Tallapragada sold 6,697 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the transaction, the insider now owns 41,422 shares of the company’s stock, valued at $12,219,490. This represents a 13.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R David Schmaier sold 6,959 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 36,090 shares of the company’s stock, valued at approximately $9,141,957.90. This represents a 16.17% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,332 shares of company stock worth $11,024,802. 3.20% of the stock is owned by corporate insiders.
Salesforce Trading Down 0.9%
Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.44 EPS. Equities research analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.
Salesforce Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be given a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce’s dividend payout ratio is presently 25.98%.
Analysts Set New Price Targets
Several research firms recently commented on CRM. Robert W. Baird dropped their target price on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Barclays dropped their target price on Salesforce from $425.00 to $347.00 and set an “overweight” rating on the stock in a report on Thursday, May 29th. Northland Securities dropped 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. Piper Sandler upped their price objective on shares of Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research note on Wednesday, May 28th. Finally, Bank of America dropped their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $346.34.
Read Our Latest Research Report on Salesforce
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.
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