Patrick M Sweeney & Associates Inc. Purchases 50 Shares of Salesforce, Inc. (NYSE:CRM)

Patrick M Sweeney & Associates Inc. lifted its position in shares of Salesforce, Inc. (NYSE:CRM) by 3.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,372 shares of the CRM provider’s stock after purchasing an additional 50 shares during the period. Patrick M Sweeney & Associates Inc.’s holdings in Salesforce were worth $368,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its holdings in shares of Salesforce by 2.9% during the first quarter. Farther Finance Advisors LLC now owns 18,797 shares of the CRM provider’s stock worth $5,079,000 after buying an additional 522 shares in the last quarter. City Holding Co. increased its holdings in shares of Salesforce by 15.4% during the first quarter. City Holding Co. now owns 405 shares of the CRM provider’s stock worth $109,000 after purchasing an additional 54 shares during the period. Millington Financial Advisors LLC increased its holdings in shares of Salesforce by 11.7% during the first quarter. Millington Financial Advisors LLC now owns 6,275 shares of the CRM provider’s stock worth $1,600,000 after purchasing an additional 657 shares during the period. Daymark Wealth Partners LLC boosted its stake in shares of Salesforce by 0.4% in the first quarter. Daymark Wealth Partners LLC now owns 175,602 shares of the CRM provider’s stock valued at $47,125,000 after buying an additional 680 shares during the period. Finally, Destiny Wealth Partners LLC grew its position in Salesforce by 5.1% during the first quarter. Destiny Wealth Partners LLC now owns 11,621 shares of the CRM provider’s stock worth $3,119,000 after buying an additional 568 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Trading Up 2.7%

NYSE:CRM opened at $274.48 on Monday. The firm has a fifty day simple moving average of $266.57 and a two-hundred day simple moving average of $302.19. Salesforce, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00. The stock has a market capitalization of $262.40 billion, a price-to-earnings ratio of 45.14, a PEG ratio of 2.58 and a beta of 1.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

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

Salesforce Cuts Dividend

The firm 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 $0.416 dividend. This represents a $1.66 annualized dividend and a yield of 0.61%. The ex-dividend date is Wednesday, June 18th. Salesforce’s payout ratio is currently 25.98%.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 1,909 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $543,263.22. Following the sale, the chief accounting officer now directly owns 11,310 shares of the company’s stock, valued at $3,218,599.80. This represents a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Parker Harris sold 3,273 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $931,430.34. Following the transaction, the insider now owns 125,146 shares of the company’s stock, valued at $35,614,048.68. This represents a 2.55% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,332 shares of company stock worth $11,024,802. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Erste Group Bank downgraded Salesforce from a “buy” rating to a “hold” rating in a research report on Thursday. Oppenheimer restated an “outperform” rating and issued a $370.00 target price (down from $380.00) on shares of Salesforce in a research report on Thursday, May 29th. Canaccord Genuity Group cut their price target on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, May 28th. Macquarie reissued a “neutral” rating and issued a $320.00 price objective on shares of Salesforce in a research note on Thursday, March 20th. Finally, BMO Capital Markets cut their target price on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a research note on Tuesday, May 27th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $346.34.

Salesforce 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.