Avantax Advisory Services Inc. Acquires 2,460 Shares of Salesforce, Inc. (NYSE:CRM)

Avantax Advisory Services Inc. raised its holdings in Salesforce, Inc. (NYSE:CRM) by 7.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,470 shares of the CRM provider’s stock after acquiring an additional 2,460 shares during the period. Avantax Advisory Services Inc.’s holdings in Salesforce were worth $10,683,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Ruedi Wealth Management Inc. boosted its holdings in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares in the last quarter. Bear Mountain Capital Inc. purchased a new stake in Salesforce in the fourth quarter worth approximately $26,000. Signature Resources Capital Management LLC bought a new position in Salesforce during the fourth quarter valued at approximately $26,000. Red Tortoise LLC purchased a new position in shares of Salesforce during the first quarter worth approximately $33,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Salesforce in the 4th quarter worth approximately $31,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Up 1.3 %

Shares of Salesforce stock traded up $3.25 on Tuesday, reaching $256.11. The company’s stock had a trading volume of 4,778,693 shares, compared to its average volume of 6,891,310. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The firm’s fifty day simple moving average is $255.97 and its two-hundred day simple moving average is $275.86. 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 company has a market capitalization of $248.17 billion, a price-to-earnings ratio of 45.82, a P/E/G ratio of 2.23 and a beta of 1.29.

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

Salesforce Announces Dividend

The firm 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 dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Tuesday, July 9th. Salesforce’s payout ratio is currently 28.78%.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Sundeep G. Reddy sold 2,425 shares of Salesforce stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Srinivas Tallapragada sold 942 shares of the business’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 value of $228,265.44. Following the transaction, 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. Insiders have sold 414,378 shares of company stock worth $111,259,409 in the last quarter. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the topic of several recent research reports. Barclays reduced their target price on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Canaccord Genuity Group decreased their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Citigroup dropped their target price on Salesforce from $323.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. BMO Capital Markets reduced their price target on Salesforce from $335.00 to $265.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. Finally, Morgan Stanley lowered their price objective on Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $292.79.

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.