Facet Wealth Inc. Decreases Stake in Salesforce Inc. (NYSE:CRM)

by · The Cerbat Gem

Facet Wealth Inc. lessened its position in shares of Salesforce Inc. (NYSE:CRM – Free Report) by 10.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,384 shares of the CRM provider’s stock after selling 153 shares during the quarter. Facet Wealth Inc.’s holdings in Salesforce were worth $377,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its position in Salesforce by 13.7% in the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock worth $8,582,000 after purchasing an additional 3,102 shares during the last quarter. Revolve Wealth Partners LLC lifted its holdings in shares of Salesforce by 12.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock valued at $611,000 after acquiring an additional 205 shares during the last quarter. RiverFront Investment Group LLC purchased a new position in Salesforce in the fourth quarter worth about $223,000. Maridea Wealth Management LLC bought a new stake in Salesforce during the fourth quarter worth approximately $270,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Salesforce by 113.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 410,057 shares of the CRM provider’s stock valued at $137,094,000 after purchasing an additional 217,689 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Up 0.5%

CRM stock opened at $269.11 on Monday. The stock has a market capitalization of $257.27 billion, a PE ratio of 42.11, a price-to-earnings-growth ratio of 2.44 and a beta of 1.36. Salesforce Inc. has a 52 week low of $230.00 and a 52 week high of $369.00. 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 firm has a 50 day moving average of $268.07 and a 200 day moving average of $283.68.

Salesforce (NYSE:CRM – Get Free Report) last posted 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. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter last year, the company posted $2.44 earnings per share. The business’s quarterly revenue was up 7.6% on a year-over-year basis. Sell-side analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The company also recently announced 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 was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.62%. Salesforce’s dividend payout ratio (DPR) is 25.98%.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the business’s stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $271.69, for a total transaction of $611,302.50. Following the sale, the chief executive officer owned 11,862,457 shares in the company, valued at approximately $3,222,910,942.33. The trade was a 0.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider owned 41,422 shares of the company’s stock, valued at approximately $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,479 shares of company stock valued at $9,091,796 in the last 90 days. 3.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CRM has been the subject of several recent analyst reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $275.00 price objective on shares of Salesforce in a research note on Monday, July 14th. The Goldman Sachs Group lifted their price target on shares of Salesforce from $340.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, May 29th. Stephens reduced their price objective on shares of Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a research report on Friday, May 30th. Sanford C. Bernstein raised their price objective on shares of Salesforce from $243.00 to $255.00 and gave the stock an “underperform” rating in a research note on Thursday, May 29th. Finally, Barclays cut their target price on Salesforce from $425.00 to $347.00 and set an “overweight” rating on the stock in a research note on Thursday, May 29th. 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 stock currently has a consensus rating of “Moderate Buy” and an average price target of $348.16.

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Salesforce Profile

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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.

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