Hemington Wealth Management Buys Shares of 696 Salesforce, Inc. (NYSE:CRM)

Hemington Wealth Management purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 696 shares of the CRM provider’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRM. Harbour Investments Inc. grew its holdings in shares of Salesforce by 38.4% during the 3rd quarter. Harbour Investments Inc. now owns 1,927 shares of the CRM provider’s stock valued at $391,000 after purchasing an additional 535 shares during the last quarter. Diversified Trust Co grew its holdings in shares of Salesforce by 13.2% during the 3rd quarter. Diversified Trust Co now owns 13,297 shares of the CRM provider’s stock valued at $2,696,000 after purchasing an additional 1,553 shares during the last quarter. Kampmann Melissa S. bought a new stake in shares of Salesforce during the 3rd quarter valued at approximately $2,201,000. Carlson Capital Management bought a new stake in shares of Salesforce during the 3rd quarter valued at approximately $301,000. Finally, Comerica Bank grew its holdings in Salesforce by 12,854.4% during the 3rd quarter. Comerica Bank now owns 231,236 shares of the CRM provider’s stock worth $46,890,000 after acquiring an additional 229,451 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Canaccord Genuity Group reduced their target price on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Sanford C. Bernstein boosted their target price on shares of Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating in a report on Thursday, May 30th. Citigroup reduced their target price on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Needham & Company LLC reissued a “buy” rating and set a $345.00 target price on shares of Salesforce in a report on Thursday, May 30th. Finally, Morgan Stanley reduced their target price on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Activity

In other news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $295.74, for a total value of $4,436,100.00. Following the completion of the transaction, the chief executive officer now owns 12,928,721 shares in the company, valued at $3,823,539,948.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, insider R David Schmaier sold 3,910 shares of Salesforce stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $274.77, for a total transaction of $1,074,350.70. Following the transaction, the insider now directly owns 19,463 shares of the company’s stock, valued at $5,347,848.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $295.74, for a total transaction of $4,436,100.00. Following the transaction, the chief executive officer now directly owns 12,928,721 shares in the company, valued at $3,823,539,948.54. The disclosure for this sale can be found here. Insiders sold a total of 454,152 shares of company stock worth $122,552,011 over the last quarter. Insiders own 3.20% of the company’s stock.

Salesforce Stock Down 0.5 %

CRM traded down $1.38 during trading on Thursday, hitting $251.21. 5,341,963 shares of the company’s stock were exchanged, compared to its average volume of 6,942,691. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $257.24 and its two-hundred day moving average is $276.07. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The stock has a market cap of $243.42 billion, a P/E ratio of 45.44, a PEG ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the prior year, the company posted $1.15 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. As a group, equities analysts expect that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 0.64%. Salesforce’s dividend payout ratio is currently 28.78%.

Salesforce Company 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.