Park Avenue Securities LLC Purchases 4,947 Shares of Salesforce, Inc. (NYSE:CRM)

Park Avenue Securities LLC boosted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 16.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 35,655 shares of the CRM provider’s stock after buying an additional 4,947 shares during the period. Park Avenue Securities LLC’s holdings in Salesforce were worth $9,568,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Athena Investment Management purchased a new position in shares of Salesforce during the fourth quarter valued at $236,000. Jag Capital Management LLC boosted its position in Salesforce by 2,507.9% in the fourth quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider’s stock valued at $7,926,000 after buying an additional 22,797 shares during the last quarter. Atlantic Union Bankshares Corp lifted its holdings in Salesforce by 2.7% in the fourth quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider’s stock valued at $9,146,000 after acquiring an additional 723 shares during the period. Dash Acquisitions Inc. raised its stake in shares of Salesforce by 2.6% during the 4th quarter. Dash Acquisitions Inc. now owns 60,521 shares of the CRM provider’s stock worth $21,785,000 after buying an additional 1,525 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in shares of Salesforce during the 4th quarter worth approximately $823,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at approximately $12,967,047.50. This trade represents a 11.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R David Schmaier sold 6,959 shares of the stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the completion of the sale, the insider now owns 36,090 shares of the company’s stock, valued at $9,141,957.90. The trade was a 16.17% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,332 shares of company stock worth $11,024,802. 3.20% of the stock is currently owned by company insiders.

Salesforce Price Performance

CRM stock opened at $274.48 on Friday. Salesforce, Inc. has a 12-month low of $227.77 and a 12-month high of $369.00. The stock has a 50-day moving average price of $266.57 and a two-hundred day moving average price of $302.42. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $262.40 billion, a PE ratio of 45.14, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter in the prior year, the business posted $2.44 earnings per share. Salesforce’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, research analysts predict that Salesforce, Inc. will post 7.46 EPS 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 given a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date is Wednesday, June 18th. Salesforce’s payout ratio is 25.98%.

Analyst Ratings Changes

CRM has been the subject of several research reports. Cantor Fitzgerald started coverage on Salesforce in a research report on Tuesday, June 3rd. They set an “overweight” rating and a $325.00 price target for the company. Royal Bank of Canada lowered Salesforce from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $420.00 to $275.00 in a research report on Thursday, May 29th. Jefferies Financial Group cut their target price on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Scotiabank dropped their price target on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. Finally, Oppenheimer restated an “outperform” rating and issued a $370.00 price target (down from $380.00) on shares of Salesforce in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $346.34.

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.