Park Edge Advisors LLC Buys 1,045 Shares of Salesforce, Inc. (NYSE:CRM)

Park Edge Advisors LLC grew its stake in Salesforce, Inc. (NYSE:CRM) by 39.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,686 shares of the CRM provider’s stock after acquiring an additional 1,045 shares during the period. Park Edge Advisors LLC’s holdings in Salesforce were worth $1,110,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. AMI Asset Management Corp lifted its position in Salesforce by 2.7% during the first quarter. AMI Asset Management Corp now owns 244,061 shares of the CRM provider’s stock worth $73,506,000 after acquiring an additional 6,532 shares during the last quarter. Tempus Wealth Planning LLC raised its position in shares of Salesforce by 5.6% in the first quarter. Tempus Wealth Planning LLC now owns 937 shares of the CRM provider’s stock valued at $282,000 after buying an additional 50 shares in the last quarter. RBA Wealth Management LLC acquired a new stake in shares of Salesforce in the first quarter valued at approximately $207,000. Accel Wealth Management increased its stake in Salesforce by 2.8% in the first quarter. Accel Wealth Management now owns 1,857 shares of the CRM provider’s stock valued at $559,000 after acquiring an additional 50 shares during the last quarter. Finally, First Trust Direct Indexing L.P. increased its stake in Salesforce by 9.7% in the first quarter. First Trust Direct Indexing L.P. now owns 20,704 shares of the CRM provider’s stock valued at $6,236,000 after acquiring an additional 1,836 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on CRM shares. Wells Fargo & Company decreased their target price on shares of Salesforce from $300.00 to $250.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 30th. DA Davidson decreased their target price on shares of Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Jefferies Financial Group decreased their target price on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Piper Sandler decreased their target price 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, Needham & Company LLC reiterated a “buy” rating and set a $345.00 price target on shares of Salesforce in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Salesforce Stock Up 1.9 %

Shares of NYSE:CRM traded up $4.76 during midday trading on Thursday, hitting $260.95. 4,755,729 shares of the company’s stock were exchanged, compared to its average volume of 9,006,645. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a 50 day moving average price of $258.72 and a 200-day moving average price of $276.32. The company has a market cap of $252.86 billion, a PE ratio of 46.93, a price-to-earnings-growth ratio of 2.25 and a beta of 1.29. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71.

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

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date is Tuesday, July 9th. Salesforce’s payout ratio is 7.19%.

Insiders Place Their Bets

In other news, insider Srinivas Tallapragada sold 942 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the completion of the transaction, the insider now directly owns 22,154 shares of the company’s stock, valued at approximately $5,368,357.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $256.24, for a total transaction of $1,076,208.00. Following the completion of the transaction, the insider now directly owns 116,693 shares of the company’s stock, valued at approximately $29,901,414.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Srinivas Tallapragada sold 942 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the sale, the insider now owns 22,154 shares in the company, valued at $5,368,357.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 499,152 shares of company stock valued at $136,281,661. Corporate insiders own 3.20% of the company’s stock.

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.