Salesforce Inc. (NYSE:CRM) Shares Sold by Institute for Wealth Management LLC.

Institute for Wealth Management LLC. reduced its position in Salesforce Inc. (NYSE:CRM) by 0.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,332 shares of the CRM provider’s stock after selling 59 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Salesforce were worth $2,773,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Salesforce during the 4th quarter worth approximately $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Salesforce by 926.4% during 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 worth $1,422,979,000 after buying an additional 3,841,521 shares in the last quarter. GAMMA Investing LLC boosted its stake in Salesforce by 30,456.9% during the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider’s stock worth $1,020,194,000 after buying an additional 3,789,147 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Salesforce during the fourth quarter worth $1,173,564,000. Finally, Invesco Ltd. grew its holdings in Salesforce by 42.5% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Redburn Atlantic started coverage on shares of Salesforce in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. The Goldman Sachs Group boosted their target price on shares of Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Loop Capital dropped their price target on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company lifted their price target on shares of Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a research report on Thursday, May 29th. Finally, BMO Capital Markets lowered their price objective on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a research report on Tuesday, May 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $346.34.

Salesforce Stock Performance

Shares of CRM opened at $258.98 on Thursday. The stock has a market capitalization of $247.59 billion, a P/E ratio of 40.53, a P/E/G ratio of 2.38 and a beta of 1.38. 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 Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The company’s fifty day moving average is $268.31 and its two-hundred day moving average is $298.72.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.44 earnings per share. On average, sell-side analysts predict that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.64%. Salesforce’s dividend payout ratio is currently 25.98%.

Insider Activity

In other news, insider Parker Harris sold 3,273 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $931,430.34. Following the completion of the transaction, the insider now owns 125,146 shares in the company, valued at $35,614,048.68. This trade represents a 2.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 1,909 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $543,263.22. Following the sale, the chief accounting officer now directly owns 11,310 shares in the company, valued at approximately $3,218,599.80. This represents a 14.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,111 shares of company stock valued at $9,299,283 in the last three months. 3.20% of the stock is currently owned by company insiders.

About Salesforce

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.