Salesforce Inc. (NYSE:CRM) Shares Sold by Balboa Wealth Partners

Balboa Wealth Partners lessened its stake in Salesforce Inc. (NYSE:CRM) by 14.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,485 shares of the CRM provider’s stock after selling 248 shares during the quarter. Balboa Wealth Partners’ holdings in Salesforce were worth $399,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Bernard Wealth Management Corp. acquired a new position in shares of Salesforce during the 4th quarter worth about $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce during the 4th quarter worth approximately $27,000. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Salesforce during the fourth quarter valued at approximately $35,000. Wood Tarver Financial Group LLC acquired a new position in shares of Salesforce during the fourth quarter valued at approximately $35,000. Finally, VSM Wealth Advisory LLC purchased a new position in shares of Salesforce in the fourth quarter valued at approximately $45,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Up 1.0%

Shares of NYSE CRM opened at $263.14 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The business’s fifty day simple moving average is $268.69 and its 200-day simple moving average is $296.11. The stock has a market cap of $251.56 billion, a P/E ratio of 41.18, a PEG ratio of 2.36 and a beta of 1.38. Salesforce Inc. has a 12-month low of $230.00 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 company had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. Salesforce’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the firm posted $2.44 EPS. As a group, equities analysts predict that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The business 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 of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce’s dividend payout ratio is presently 25.98%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. DA Davidson reissued an “underperform” rating and issued a $200.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Royal Bank Of Canada cut shares of Salesforce from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $420.00 to $275.00 in a research report on Thursday, May 29th. Jefferies Financial Group reduced their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Barclays dropped their price objective on shares of Salesforce from $425.00 to $347.00 and set an “overweight” rating for the company in a research note on Thursday, May 29th. Finally, Oppenheimer reissued an “outperform” rating and issued a $370.00 target price on shares of Salesforce in a research note on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $349.08.

Insider Transactions at Salesforce

In other Salesforce news, CEO Brian Millham sold 979 shares of the stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $253.66, for a total transaction of $248,333.14. Following the transaction, the chief executive officer now directly owns 6,487 shares in the company, valued at $1,645,492.42. This represents a 13.11% 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 1,785 shares of the business’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total transaction of $514,686.90. Following the completion of the sale, the insider now directly owns 29,190 shares of the company’s stock, valued at $8,416,644.60. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,992 shares of company stock valued at $6,704,198 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

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.