Salesforce Inc. (NYSE:CRM) Shares Sold by KBC Group NV

by · The Markets Daily

KBC Group NV trimmed its position in shares of Salesforce Inc. (NYSE:CRM – Free Report) by 14.9% in the first quarter, HoldingsChannel reports. The firm owned 1,196,114 shares of the CRM provider’s stock after selling 209,887 shares during the period. Salesforce makes up 1.0% of KBC Group NV’s investment portfolio, making the stock its 16th largest position. KBC Group NV’s holdings in Salesforce were worth $320,989,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mainstream Capital Management LLC raised its stake in shares of Salesforce by 0.5% in the fourth quarter. Mainstream Capital Management LLC now owns 6,409 shares of the CRM provider’s stock valued at $2,143,000 after acquiring an additional 33 shares during the last quarter. Wulff Hansen & CO. lifted its holdings in Salesforce by 3.5% during the 4th quarter. Wulff Hansen & CO. now owns 1,035 shares of the CRM provider’s stock worth $346,000 after buying an additional 35 shares in the last quarter. WR Wealth Planners LLC lifted its holdings in Salesforce by 9.0% during the 4th quarter. WR Wealth Planners LLC now owns 449 shares of the CRM provider’s stock worth $150,000 after buying an additional 37 shares in the last quarter. Seven Mile Advisory lifted its holdings in Salesforce by 2.3% during the 4th quarter. Seven Mile Advisory now owns 1,762 shares of the CRM provider’s stock worth $589,000 after buying an additional 39 shares in the last quarter. Finally, Kozak & Associates Inc. lifted its holdings in Salesforce by 1.6% during the 1st quarter. Kozak & Associates Inc. now owns 2,571 shares of the CRM provider’s stock worth $654,000 after buying an additional 41 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Trading Up 0.7%

Salesforce stock opened at $272.72 on Friday. The firm has a 50-day moving average of $270.38 and a 200-day moving average of $294.25. Salesforce Inc. has a one year low of $230.00 and a one 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 has a market cap of $260.72 billion, a price-to-earnings ratio of 42.68, a P/E/G ratio of 2.48 and a beta of 1.38.

Salesforce (NYSE:CRM – Get Free Report) last issued its 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 business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same period last year, the business posted $2.44 EPS. Salesforce’s revenue was up 7.6% on a year-over-year basis. On average, equities analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be paid a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.61%. Salesforce’s dividend payout ratio (DPR) is currently 25.98%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wells Fargo & Company upped their target price on shares of Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a research report on Thursday, May 29th. Stephens dropped their target price on shares of Salesforce from $311.00 to $309.00 and set an “equal weight” rating for the company in a research report on Friday, May 30th. Royal Bank Of Canada cut shares of Salesforce from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $420.00 to $275.00 in a research report on Thursday, May 29th. Morgan Stanley restated an “overweight” rating and issued a $404.00 price objective (up previously from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Finally, Piper Sandler upped their price objective on shares of Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $349.08.

Check Out Our Latest Analysis on CRM

Insider Activity at Salesforce

In other Salesforce news, insider R David Schmaier sold 6,959 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the sale, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. This trade represents a 16.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Oscar Munoz acquired 3,882 shares of the business’s stock in a transaction on Thursday, April 3rd. The shares were bought at an average price of $257.28 per share, with a total value of $998,760.96. Following the completion of the transaction, the director now directly owns 11,843 shares of the company’s stock, valued at approximately $3,046,967.04. The trade was a 48.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 26,284 shares of company stock worth $6,996,762. 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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