Salesforce, Inc. (NYSE:CRM) Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 3.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 223,125 shares of the CRM provider’s stock after purchasing an additional 8,197 shares during the quarter. CIBC Asset Management Inc’s holdings in Salesforce were worth $57,365,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Ruedi Wealth Management Inc. boosted its position in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares during the last quarter. Piscataqua Savings Bank boosted its holdings in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares during the last quarter. Red Tortoise LLC purchased a new stake in shares of Salesforce in the 1st quarter valued at approximately $33,000. Stephens Consulting LLC increased its holdings in shares of Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares during the last quarter. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at approximately $35,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRM. Loop Capital raised their target price on Salesforce from $240.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday. Barclays decreased their target price on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Roth Mkm reiterated a “buy” rating and set a $335.00 price target on shares of Salesforce in a research report on Thursday. Macquarie reduced their price target on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating on the stock in a research note on Friday, May 31st. Finally, DA Davidson increased their price objective on shares of Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday. Eight analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $304.41.

Salesforce Stock Down 1.6 %

Salesforce stock traded down $4.11 during midday trading on Monday, reaching $252.90. The company’s stock had a trading volume of 10,507,700 shares, compared to its average volume of 6,635,155. The company has a market cap of $245.06 billion, a P/E ratio of 45.49, a P/E/G ratio of 2.22 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $254.44 and a 200-day simple moving average of $271.00. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the company earned $1.63 EPS. On average, research analysts expect that Salesforce, Inc. will post 7.52 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend was Tuesday, July 9th. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Insider Activity at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total value of $1,104,474.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Brian Millham sold 4,056 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $261.50, for a total value of $1,060,644.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total value of $1,104,474.00. Following the transaction, the insider now directly owns 117,581 shares in the company, valued at approximately $30,920,275.57. The disclosure for this sale can be found here. Insiders have sold 112,964 shares of company stock valued at $27,956,647 in the last ninety days. Insiders own 3.20% of the company’s stock.

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.