Salesforce, Inc. (NYSE:CRM) Shares Purchased by Naples Global Advisors LLC

Naples Global Advisors LLC grew its position in Salesforce, Inc. (NYSE:CRM) by 164.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,031 shares of the CRM provider’s stock after acquiring an additional 4,375 shares during the quarter. Naples Global Advisors LLC’s holdings in Salesforce were worth $1,808,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Signature Resources Capital Management LLC acquired a new stake in shares of Salesforce during the fourth quarter worth about $26,000. Ruedi Wealth Management Inc. raised its position in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 56 shares in the last quarter. Piscataqua Savings Bank lifted its stake in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares during the period. Kathleen S. Wright Associates Inc. purchased a new stake in Salesforce during the fourth quarter worth about $31,000. Finally, Red Tortoise LLC acquired a new position in Salesforce during the first quarter worth about $33,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CRM shares. JPMorgan Chase & Co. dropped their price objective on Salesforce from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a research report on Thursday, May 30th. Oppenheimer dropped their target price on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Morgan Stanley reduced their price target 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. Finally, Bank of America raised their price objective on shares of Salesforce from $288.00 to $316.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $291.50.

Salesforce Stock Up 0.0 %

Salesforce stock traded up $0.12 during trading on Friday, reaching $262.91. 3,494,863 shares of the company’s stock were exchanged, compared to its average volume of 6,614,657. The company’s 50-day moving average is $249.47 and its two-hundred day moving average is $273.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The firm has a market cap of $254.76 billion, a price-to-earnings ratio of 47.29, a PEG ratio of 2.22 and a beta of 1.29.

Salesforce (NYSE:CRM) last issued its earnings results 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. The company had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.15 earnings per share. On average, analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 0.61%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $285.20, for a total value of $1,197,840.00. Following the completion of the transaction, the insider now owns 115,762 shares of the company’s stock, valued at $33,015,322.40. The disclosure for this sale can be found here. In the last three months, insiders sold 187,136 shares of company stock valued at $47,935,109. 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.