Phillips Wealth Planners LLC Purchases 655 Shares of Salesforce Inc. (NYSE:CRM)

Phillips Wealth Planners LLC boosted its position in Salesforce Inc. (NYSE:CRM) by 32.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,675 shares of the CRM provider’s stock after purchasing an additional 655 shares during the quarter. Phillips Wealth Planners LLC’s holdings in Salesforce were worth $682,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Perigon Wealth Management LLC raised its holdings in Salesforce by 0.4% in the 1st quarter. Perigon Wealth Management LLC now owns 47,723 shares of the CRM provider’s stock valued at $12,807,000 after acquiring an additional 186 shares in the last quarter. Omnia Family Wealth LLC raised its holdings in Salesforce by 37.0% in the 1st quarter. Omnia Family Wealth LLC now owns 1,145 shares of the CRM provider’s stock valued at $307,000 after acquiring an additional 309 shares in the last quarter. TigerOak Management L.L.C. raised its holdings in Salesforce by 3.3% in the 1st quarter. TigerOak Management L.L.C. now owns 1,364 shares of the CRM provider’s stock valued at $366,000 after acquiring an additional 44 shares in the last quarter. Cvfg LLC raised its holdings in Salesforce by 8.6% in the 1st quarter. Cvfg LLC now owns 1,533 shares of the CRM provider’s stock valued at $411,000 after acquiring an additional 122 shares in the last quarter. Finally, Alpine Bank Wealth Management acquired a new position in Salesforce in the 1st quarter valued at $265,000. 80.43% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 261 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $68,473.35. Following the completion of the sale, the chief accounting officer now owns 12,024 shares of the company’s stock, valued at $3,154,496.40. This trade represents a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian Millham sold 979 shares of the firm’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total value of $248,333.14. Following the sale, the chief executive officer now directly owns 6,487 shares of the company’s stock, valued at $1,645,492.42. This represents a 13.11% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,284 shares of company stock valued at $6,996,762. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CRM shares. Stifel Nicolaus dropped their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Macquarie reaffirmed a “neutral” rating and issued a $320.00 price objective on shares of Salesforce in a report on Thursday, March 20th. The Goldman Sachs Group lifted their price objective on Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Morgan Stanley reissued an “overweight” rating and set a $404.00 price target (up previously from $393.00) on shares of Salesforce in a report on Thursday, May 29th. Finally, Westpark Capital reissued a “buy” rating and set a $320.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $349.08.

Salesforce Trading Down 1.1%

Shares of CRM stock opened at $268.11 on Thursday. The stock has a market cap of $256.31 billion, a price-to-earnings ratio of 41.96, a PEG ratio of 2.46 and a beta of 1.38. The stock has a 50-day moving average of $269.39 and a 200-day moving average of $295.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.44 earnings per share. On average, equities research analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current 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 paid a $0.416 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.62%. Salesforce’s payout ratio is 25.98%.

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.