Resonant Capital Advisors LLC Grows Stock Holdings in Salesforce Inc. (NYSE:CRM)

Resonant Capital Advisors LLC grew its position in Salesforce Inc. (NYSE:CRM) by 7.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,528 shares of the CRM provider’s stock after buying an additional 569 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Salesforce were worth $2,289,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CRM. Revisor Wealth Management LLC purchased a new position in Salesforce during the 1st quarter valued at about $6,682,000. Strategic Financial Concepts LLC increased its holdings in shares of Salesforce by 35.6% in the 1st quarter. Strategic Financial Concepts LLC now owns 827 shares of the CRM provider’s stock valued at $222,000 after acquiring an additional 217 shares during the period. Novem Group raised its position in shares of Salesforce by 4.7% in the 1st quarter. Novem Group now owns 1,117 shares of the CRM provider’s stock worth $300,000 after acquiring an additional 50 shares in the last quarter. Private Trust Co. NA lifted its stake in shares of Salesforce by 8.8% during the 1st quarter. Private Trust Co. NA now owns 9,344 shares of the CRM provider’s stock worth $2,508,000 after purchasing an additional 756 shares during the last quarter. Finally, Mainstream Capital Management LLC grew its position in shares of Salesforce by 1.4% in the 1st quarter. Mainstream Capital Management LLC now owns 6,498 shares of the CRM provider’s stock worth $1,744,000 after buying an additional 89 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CRM. Needham & Company LLC reissued a “buy” rating and issued a $400.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Guggenheim upgraded Salesforce from a “sell” rating to a “neutral” rating in a research note on Monday, April 21st. Royal Bank Of Canada downgraded shares of Salesforce from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $420.00 to $275.00 in a report on Thursday, May 29th. Mizuho lowered their target price on shares of Salesforce from $425.00 to $380.00 and set an “outperform” rating for the company in a research note on Thursday, May 15th. Finally, Piper Sandler upped their price target 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $349.08.

Salesforce Stock Down 1.0%

Shares of CRM opened at $269.06 on Thursday. 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 firm has a market cap of $257.22 billion, a P/E ratio of 42.11, a price-to-earnings-growth ratio of 2.46 and a beta of 1.36. The company’s 50-day moving average price is $272.06 and its 200 day moving average price is $292.92. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00.

Salesforce (NYSE:CRM) last posted its 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 firm had revenue of $9.83 billion during 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%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.44 EPS. On average, sell-side analysts forecast 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 given a dividend of $0.416 per share. 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 dividend payout ratio is presently 25.98%.

Insiders Place Their Bets

In related news, insider Srinivas Tallapragada sold 6,697 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the sale, the insider owned 41,422 shares of the company’s stock, valued at $12,219,490. This trade represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $272.48, for a total transaction of $613,080.00. Following the transaction, the chief executive officer owned 11,862,457 shares of the company’s stock, valued at $3,232,282,283.36. This trade represents a 0.02% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,534 shares of company stock valued at $7,609,842. 3.20% of the stock is owned by company 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.