PAX Financial Group LLC Lowers Holdings in Salesforce Inc. (NYSE:CRM)

PAX Financial Group LLC cut its position in Salesforce Inc. (NYSE:CRM) by 3.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,446 shares of the CRM provider’s stock after selling 53 shares during the quarter. PAX Financial Group LLC’s holdings in Salesforce were worth $388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce during the 4th quarter valued at $25,000. Accredited Wealth Management LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at $27,000. Abound Financial LLC purchased a new stake in shares of Salesforce during the 1st quarter valued at $31,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at $35,000. Finally, VSM Wealth Advisory LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at $45,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CRM shares. Macquarie restated a “neutral” rating and set a $320.00 price objective on shares of Salesforce in a research report on Thursday, March 20th. Cantor Fitzgerald cut shares of Salesforce from an “overweight” rating to a “cautious” rating in a research report on Thursday, July 10th. Westpark Capital restated a “buy” rating and set a $320.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Royal Bank Of Canada restated a “sector perform” rating and set a $275.00 price objective on shares of Salesforce in a research report on Monday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $370.00 target price on shares of Salesforce in a research report on Tuesday, June 10th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $348.16.

Salesforce Price Performance

Shares of NYSE CRM opened at $257.64 on Wednesday. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The company’s 50-day moving average is $271.51 and its 200 day moving average is $287.73. The stock has a market capitalization of $246.31 billion, a P/E ratio of 40.32, a P/E/G ratio of 2.35 and a beta of 1.36.

Salesforce (NYSE:CRM) last announced 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 company had revenue of $9.83 billion for the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter in the previous year, the company earned $2.44 earnings per share. Salesforce’s quarterly revenue was up 7.6% on a year-over-year basis. On average, sell-side analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were given a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a dividend yield of 0.65%. The ex-dividend date was Wednesday, June 18th. Salesforce’s dividend payout ratio is currently 25.98%.

Insider Activity at Salesforce

In other Salesforce news, insider R David Schmaier sold 4,586 shares of the company’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $253.66, for a total value of $1,163,284.76. Following the sale, the insider owned 33,273 shares in the company, valued at approximately $8,440,029.18. This represents a 12.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Srinivas Tallapragada sold 6,697 shares of the company’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the sale, the insider owned 41,422 shares in the company, valued at approximately $12,219,490. This trade represents a 13.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,569 shares of company stock worth $8,533,528 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

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.