Keyvantage Wealth LLC Takes $216,000 Position in Salesforce Inc. (NYSE:CRM)

by · The Cerbat Gem

Keyvantage Wealth LLC purchased a new stake in shares of Salesforce Inc. (NYSE:CRM – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 806 shares of the CRM provider’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Seven Mile Advisory raised its stake in shares of Salesforce by 2.3% during the fourth quarter. Seven Mile Advisory now owns 1,762 shares of the CRM provider’s stock valued at $589,000 after purchasing an additional 39 shares in the last quarter. Liberty One Investment Management LLC raised its stake in shares of Salesforce by 1.2% during the first quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider’s stock valued at $849,000 after purchasing an additional 39 shares in the last quarter. First Command Advisory Services Inc. raised its stake in shares of Salesforce by 7.3% during the first quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider’s stock valued at $154,000 after purchasing an additional 39 shares in the last quarter. Mendel Money Management raised its stake in shares of Salesforce by 3.6% during the first quarter. Mendel Money Management now owns 1,112 shares of the CRM provider’s stock valued at $298,000 after purchasing an additional 39 shares in the last quarter. Finally, Clarity Wealth Advisors LLC raised its stake in shares of Salesforce by 2.3% during the first quarter. Clarity Wealth Advisors LLC now owns 1,760 shares of the CRM provider’s stock valued at $472,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Up 0.5%

Shares of NYSE CRM opened at $269.11 on Friday. Salesforce Inc. has a 52 week low of $230.00 and a 52 week high of $369.00. The stock has a market cap of $257.27 billion, a price-to-earnings ratio of 42.11, a PEG ratio of 2.44 and a beta of 1.36. The business has a 50 day simple moving average of $268.07 and a 200 day simple moving average of $283.98. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly 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 during the quarter, compared to analyst estimates of $9.74 billion. During the same period in the previous year, the company earned $2.44 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, research analysts predict that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce’s dividend payout ratio (DPR) is presently 25.98%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Stephens decreased their price target on Salesforce from $311.00 to $309.00 and set an “equal weight” rating for the company in a research note on Friday, May 30th. The Goldman Sachs Group increased their price target on Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, May 29th. BMO Capital Markets dropped their price target on shares of Salesforce from $350.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, July 10th. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Finally, Citigroup dropped their price target on shares of Salesforce from $320.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 30th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus target price of $348.16.

View Our Latest Analysis on CRM

Insider Buying and Selling

In related news, CEO Marc Benioff sold 2,250 shares of the company’s stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $271.69, for a total value of $611,302.50. Following the completion of the transaction, the chief executive officer directly owned 11,862,457 shares in the company, valued at approximately $3,222,910,942.33. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 6,697 shares of the company’s stock in a transaction on Wednesday, May 14th. The shares were 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 $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. Over the last quarter, insiders have sold 33,479 shares of company stock valued at $9,091,796. Corporate insiders own 3.20% of the company’s stock.

Salesforce Profile

(Free Report)

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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