Princeton Global Asset Management LLC Has $1.77 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

Princeton Global Asset Management LLC increased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 4.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,604 shares of the CRM provider’s stock after acquiring an additional 255 shares during the period. Princeton Global Asset Management LLC’s holdings in Salesforce were worth $1,772,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of CRM. Tallon Kerry Patrick acquired a new position in Salesforce during the fourth quarter worth $236,000. Brighton Jones LLC lifted its stake in Salesforce by 13.7% in the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock valued at $8,582,000 after acquiring an additional 3,102 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of Salesforce in the 4th quarter valued at about $104,173,000. Revolve Wealth Partners LLC increased its stake in shares of Salesforce by 12.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock worth $611,000 after purchasing an additional 205 shares during the last quarter. Finally, Money Concepts Capital Corp raised its holdings in shares of Salesforce by 17.0% in the 4th quarter. Money Concepts Capital Corp now owns 875 shares of the CRM provider’s stock valued at $293,000 after purchasing an additional 127 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at approximately $12,967,047.50. The trade was a 11.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 1,909 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $543,263.22. Following the sale, the chief accounting officer now owns 11,310 shares of the company’s stock, valued at approximately $3,218,599.80. This represents a 14.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,332 shares of company stock worth $11,024,802. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

CRM opened at $274.48 on Friday. 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 52-week low of $227.77 and a 52-week high of $369.00. The firm has a market cap of $262.40 billion, a P/E ratio of 45.14, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The business’s fifty day moving average is $266.57 and its 200-day moving average is $302.58.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.03. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter in the prior year, the business posted $2.44 earnings per share. Salesforce’s revenue was up 7.6% compared to the same quarter last year. Sell-side analysts expect that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be given a dividend of $0.416 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.61%. Salesforce’s dividend payout ratio is 25.98%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CRM shares. Westpark Capital reiterated a “buy” rating and issued a $320.00 target price on shares of Salesforce in a research note on Wednesday, May 28th. Mizuho cut their price objective on Salesforce from $425.00 to $380.00 and set an “outperform” rating for the company in a research report on Thursday, May 15th. Redburn Atlantic assumed coverage on Salesforce in a research note on Wednesday, February 19th. They set a “buy” rating for the company. Barclays decreased their target price on Salesforce from $425.00 to $347.00 and set an “overweight” rating on the stock in a report on Thursday, May 29th. Finally, Stephens dropped their price target on Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a research note on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $346.34.

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.