Financial Network Wealth Advisors LLC Acquires 89 Shares of Salesforce Inc. (NYSE:CRM)

Financial Network Wealth Advisors LLC raised its holdings in Salesforce Inc. (NYSE:CRM) by 136.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 154 shares of the CRM provider’s stock after acquiring an additional 89 shares during the period. Financial Network Wealth Advisors LLC’s holdings in Salesforce were worth $41,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Salesforce by 1.7% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 102,368 shares of the CRM provider’s stock worth $27,471,000 after purchasing an additional 1,673 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Salesforce by 114.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,582 shares of the CRM provider’s stock valued at $425,000 after buying an additional 843 shares during the period. S Bank Fund Management Ltd acquired a new position in Salesforce in the first quarter valued at approximately $5,895,000. National Pension Service increased its holdings in shares of Salesforce by 5.1% during the first quarter. National Pension Service now owns 2,151,908 shares of the CRM provider’s stock valued at $577,486,000 after acquiring an additional 103,988 shares in the last quarter. Finally, Klingman & Associates LLC increased its holdings in shares of Salesforce by 5.0% during the first quarter. Klingman & Associates LLC now owns 2,998 shares of the CRM provider’s stock valued at $805,000 after acquiring an additional 143 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Barclays reduced their price objective on Salesforce from $425.00 to $347.00 and set an “overweight” rating for the company in a research note on Thursday, May 29th. Northland Securities dropped their price objective on Salesforce from $423.00 to $396.00 and set an “outperform” rating on the stock in a report on Thursday, May 29th. Stephens lowered their price target on Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. UBS Group set a $404.00 price target on Salesforce and gave the company an “overweight” rating in a report on Wednesday, June 18th. Finally, Oppenheimer reiterated an “outperform” rating and set a $370.00 price objective on shares of Salesforce in a research report on Tuesday, June 10th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $346.84.

Salesforce Stock Performance

NYSE CRM opened at $237.14 on Thursday. The firm has a market cap of $226.71 billion, a price-to-earnings ratio of 37.11, a price-to-earnings-growth ratio of 2.10 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $261.72 and a 200-day moving average price of $277.44. Salesforce Inc. has a twelve month low of $226.48 and a twelve month high of $369.00.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. During the same period in the previous year, the business earned $2.44 earnings per share. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, equities research 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 was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were paid a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce’s dividend payout ratio is 25.98%.

Insider Transactions at Salesforce

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $260.30, for a total transaction of $585,675.00. Following the sale, the chief executive officer owned 11,955,566 shares of the company’s stock, valued at approximately $3,112,033,829.80. This trade represents a 0.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 44,282 shares of company stock valued at $11,554,754 over the last quarter. 3.00% of the stock is owned by corporate insiders.

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.