PSI Advisors LLC Increases Stock Position in Salesforce, Inc. (NYSE:CRM)

PSI Advisors LLC grew its position in Salesforce, Inc. (NYSE:CRM) by 73.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,873 shares of the CRM provider’s stock after purchasing an additional 792 shares during the period. PSI Advisors LLC’s holdings in Salesforce were worth $482,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Salesforce by 1.2% during the first quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock worth $25,490,446,000 after buying an additional 1,008,841 shares during the last quarter. Capital World Investors increased its holdings in Salesforce by 2.4% during the fourth quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock worth $5,147,402,000 after buying an additional 457,463 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Salesforce by 5.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock worth $3,926,323,000 after buying an additional 752,566 shares during the last quarter. Capital Research Global Investors boosted its position in Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after purchasing an additional 3,044,611 shares during the period. Finally, Capital International Investors boosted its position in Salesforce by 3.0% during the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after purchasing an additional 407,834 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CRM. Wedbush cut their target price on shares of Salesforce from $325.00 to $315.00 and set an “outperform” rating for the company in a research report on Wednesday, May 29th. Citigroup cut their target price on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. JPMorgan Chase & Co. cut their target price on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. UBS Group cut their price objective on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Finally, Piper Sandler restated a “neutral” rating and issued a $250.00 price objective on shares of Salesforce in a research report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $291.50.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $271.73, for a total transaction of $4,075,950.00. Following the sale, the chief executive officer now owns 12,452,327 shares in the company, valued at approximately $3,383,670,815.71. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The disclosure for this sale can be found here. Insiders have sold a total of 150,974 shares of company stock worth $37,516,870 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Down 0.9 %

Shares of NYSE CRM traded down $2.38 during mid-day trading on Thursday, hitting $258.71. The stock had a trading volume of 5,107,240 shares, compared to its average volume of 6,574,708. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The business has a 50 day moving average price of $251.45 and a two-hundred day moving average price of $272.39. The firm has a market cap of $250.69 billion, a P/E ratio of 46.53, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29.

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

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend was Tuesday, July 9th. Salesforce’s dividend payout ratio (DPR) is currently 28.78%.

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.