GPM Growth Investors Inc. Invests $2.68 Million in Salesforce, Inc. (NYSE:CRM)

GPM Growth Investors Inc. bought a new position in shares of Salesforce, Inc. (NYSE:CRM) in the 2nd quarter, HoldingsChannel.com reports. The fund bought 10,439 shares of the CRM provider’s stock, valued at approximately $2,684,000.

A number of other hedge funds have also modified their holdings of CRM. Vanguard Group Inc. lifted its stake in Salesforce by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock worth $25,490,446,000 after acquiring an additional 1,008,841 shares in the last quarter. Capital World Investors grew its holdings in shares of Salesforce by 2.4% in the fourth quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock valued at $5,147,402,000 after purchasing an additional 457,463 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Salesforce by 5.2% during the 4th quarter. Fisher Asset Management LLC now owns 14,905,462 shares of the CRM provider’s stock worth $3,922,223,000 after buying an additional 736,986 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Salesforce by 26.9% in 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 acquiring an additional 3,044,611 shares in the last quarter. Finally, Capital International Investors raised its stake in shares of Salesforce by 3.0% in the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after acquiring an additional 407,834 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total value of $1,104,180.00. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at $30,912,044.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total transaction of $1,104,180.00. Following the sale, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,912,044.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $241.74, for a total value of $3,626,100.00. Following the completion of the transaction, the chief executive officer now directly owns 12,162,457 shares in the company, valued at $2,940,152,355.18. The disclosure for this sale can be found here. Insiders sold a total of 95,164 shares of company stock valued at $23,760,225 over the last three months. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Down 0.1 %

CRM opened at $247.70 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.04. The company has a market cap of $240.02 billion, a price-to-earnings ratio of 44.55, a PEG ratio of 2.22 and a beta of 1.29. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The business’s fifty day moving average is $254.92 and its two-hundred day moving average is $270.28.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the firm posted $1.63 EPS. Analysts anticipate that Salesforce, Inc. will post 7.52 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend was Tuesday, July 9th. Salesforce’s payout ratio is 28.78%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CRM. TD Cowen upped their price target on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Jefferies Financial Group reduced their target price on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. JMP Securities reiterated a “market outperform” rating and set a $342.00 price target on shares of Salesforce in a report on Wednesday, August 28th. Barclays decreased their price objective on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $304.41.

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.