Renaissance Investment Group LLC Buys 840 Shares of Salesforce, Inc. (NYSE:CRM)

Renaissance Investment Group LLC grew its stake in shares of Salesforce, Inc. (NYSE:CRM) by 4.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,277 shares of the CRM provider’s stock after buying an additional 840 shares during the period. Renaissance Investment Group LLC’s holdings in Salesforce were worth $5,824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ruedi Wealth Management Inc. raised its position in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the last quarter. Piscataqua Savings Bank raised its position in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the last quarter. Clear Investment Research LLC raised its position in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares during the last quarter. Red Tortoise LLC purchased a new position in shares of Salesforce in the first quarter valued at $33,000. Finally, Stephens Consulting LLC grew its holdings in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at approximately $28,362,888.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Salesforce news, COO Brian Millham sold 8,427 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $280.00, for a total value of $2,359,560.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $28,362,888.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,612 shares of company stock worth $21,283,087. 3.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CRM has been the subject of a number of recent research reports. JMP Securities reissued a “market outperform” rating and issued a $342.00 target price on shares of Salesforce in a report on Wednesday, August 28th. Phillip Securities reissued an “accumulate” rating and issued a $305.00 target price on shares of Salesforce in a report on Friday, August 30th. UBS Group raised their target price on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Citigroup raised their target price on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Finally, Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $310.74.

Salesforce Stock Performance

CRM stock opened at $288.10 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50-day moving average price of $261.93 and a 200 day moving average price of $263.88. The company has a market capitalization of $275.42 billion, a P/E ratio of 50.10, a PEG ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71.

Salesforce (NYSE:CRM) last released its quarterly earnings data 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 return on equity of 12.01% and a net margin of 15.44%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.63 earnings per share. As a group, equities research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.56%. Salesforce’s dividend payout ratio is presently 27.83%.

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.