Omnia Family Wealth LLC Acquires 309 Shares of Salesforce Inc. (NYSE:CRM)

Omnia Family Wealth LLC grew its holdings in Salesforce Inc. (NYSE:CRM) by 37.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,145 shares of the CRM provider’s stock after purchasing an additional 309 shares during the quarter. Omnia Family Wealth LLC’s holdings in Salesforce were worth $307,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CRM. Bernard Wealth Management Corp. bought a new position in shares of Salesforce in the 4th quarter valued at about $25,000. Accredited Wealth Management LLC bought a new position in shares of Salesforce in the 4th quarter valued at about $27,000. Halbert Hargrove Global Advisors LLC bought a new position in shares of Salesforce in the 4th quarter valued at about $35,000. Wood Tarver Financial Group LLC bought a new position in shares of Salesforce in the 4th quarter valued at about $35,000. Finally, VSM Wealth Advisory LLC bought a new position in shares of Salesforce in the 4th quarter valued at about $45,000. Institutional investors own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In other news, insider R David Schmaier sold 6,959 shares of the business’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the transaction, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. The trade was a 16.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Sundeep G. Reddy sold 261 shares of the business’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $68,473.35. Following the transaction, the chief accounting officer now owns 12,024 shares in the company, valued at $3,154,496.40. This represents a 2.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,284 shares of company stock worth $6,996,762 in the last ninety days. Insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CRM. Piper Sandler lifted their price objective on shares of Salesforce from $315.00 to $335.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 28th. DA Davidson reissued an “underperform” rating and set a $200.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Loop Capital reduced their price objective on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Scotiabank reduced their price objective on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. Finally, Oppenheimer reissued an “outperform” rating and set a $370.00 price objective on shares of Salesforce in a research note on Tuesday, June 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $349.08.

Salesforce Stock Down 1.1%

Shares of CRM stock opened at $268.11 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The firm’s fifty day moving average price is $269.39 and its two-hundred day moving average price is $295.75. The firm has a market capitalization of $256.31 billion, a P/E ratio of 41.96, a PEG ratio of 2.46 and a beta of 1.38.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same period in the previous year, the business earned $2.44 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. On average, equities analysts predict that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be paid a dividend of $0.416 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.62%. Salesforce’s dividend payout ratio is presently 25.98%.

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.