Fairvoy Private Wealth LLC Trims Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Fairvoy Private Wealth LLC trimmed its holdings in Salesforce, Inc. (NYSE:CRM) by 48.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,503 shares of the CRM provider’s stock after selling 1,440 shares during the quarter. Fairvoy Private Wealth LLC’s holdings in Salesforce were worth $403,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Asio Capital LLC grew its stake in Salesforce by 4.6% in the first quarter. Asio Capital LLC now owns 25,016 shares of the CRM provider’s stock worth $6,713,000 after purchasing an additional 1,096 shares in the last quarter. Brighton Jones LLC grew its stake in Salesforce by 7.9% in the first quarter. Brighton Jones LLC now owns 27,700 shares of the CRM provider’s stock worth $7,434,000 after purchasing an additional 2,032 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Salesforce by 156.2% in the first quarter. Exchange Traded Concepts LLC now owns 10,317 shares of the CRM provider’s stock worth $2,769,000 after purchasing an additional 6,290 shares in the last quarter. SFM LLC bought a new position in Salesforce in the first quarter worth approximately $590,000. Finally, Cornell Pochily Investment Advisors Inc. grew its stake in Salesforce by 2.7% in the first quarter. Cornell Pochily Investment Advisors Inc. now owns 6,214 shares of the CRM provider’s stock worth $1,667,000 after purchasing an additional 165 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 500 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $275.00, for a total value of $137,500.00. Following the transaction, the chief accounting officer now owns 11,711 shares in the company, valued at $3,220,525. This trade represents a 4.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the transaction, the insider now owns 41,422 shares in the company, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,332 shares of company stock worth $11,024,802 over the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CRM shares. Mizuho dropped their price objective on Salesforce from $425.00 to $380.00 and set an “outperform” rating on the stock in a research note on Thursday, May 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 target price on shares of Salesforce in a research report on Wednesday, May 28th. Loop Capital dropped their target price on Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group increased their target price on Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, May 29th. Finally, Bank of America lowered their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average target price of $346.34.

Salesforce Stock Performance

Shares of CRM stock opened at $258.25 on Friday. The company has a market capitalization of $246.89 billion, a P/E ratio of 42.48, a P/E/G ratio of 2.58 and a beta of 1.38. The business’s 50 day moving average is $268.09 and its two-hundred day moving average is $299.93. 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, Inc. has a 12-month low of $227.77 and a 12-month high of $369.00.

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, topping analysts’ consensus estimates of $2.55 by $0.03. The company 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%. Salesforce’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.44 earnings per share. Analysts expect that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.64%. Salesforce’s dividend payout ratio (DPR) is presently 25.98%.

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.