Burns J W & Co. Inc. NY Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

Burns J W & Co. Inc. NY boosted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 10.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,835 shares of the CRM provider’s stock after purchasing an additional 837 shares during the quarter. Burns J W & Co. Inc. NY’s holdings in Salesforce were worth $2,661,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Bear Mountain Capital Inc. acquired a new stake in Salesforce in the fourth quarter valued at $26,000. Signature Resources Capital Management LLC acquired a new stake in shares of Salesforce during the 4th quarter worth about $26,000. Kathleen S. Wright Associates Inc. purchased a new stake in Salesforce during the fourth quarter worth approximately $31,000. Pacifica Partners Inc. boosted its holdings in Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Finally, BKM Wealth Management LLC purchased a new position in Salesforce in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Up 1.7 %

Shares of NYSE:CRM traded up $4.25 during midday trading on Friday, reaching $257.10. The company’s stock had a trading volume of 12,619,303 shares, compared to its average volume of 11,223,949. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $259.79 and a 200-day moving average of $276.20. The firm has a market capitalization of $249.13 billion, a P/E ratio of 46.24, a PEG ratio of 2.22 and a beta of 1.25.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the previous year, the firm posted $1.15 EPS. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, research analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend is Tuesday, July 9th. Salesforce’s dividend payout ratio is presently 7.19%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Mizuho lowered their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. DA Davidson lowered their price target on Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Canaccord Genuity Group dropped their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Piper Sandler lowered their price target on shares of Salesforce from $300.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Finally, Citigroup lowered their price target on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $292.79.

Insider Activity at Salesforce

In other news, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the transaction, the insider now owns 22,154 shares in the company, valued at $5,368,357.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the transaction, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $228,265.44. Following the sale, the insider now owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 547,387 shares of company stock valued at $151,174,635. 3.20% of the stock is owned by insiders.

Salesforce 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.