Hudson Canyon Capital Management Sells 506 Shares of Salesforce, Inc. (NYSE:CRM)

Hudson Canyon Capital Management cut its position in shares of Salesforce, Inc. (NYSE:CRM) by 6.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,570 shares of the CRM provider’s stock after selling 506 shares during the period. Salesforce makes up about 1.3% of Hudson Canyon Capital Management’s portfolio, making the stock its 28th biggest holding. Hudson Canyon Capital Management’s holdings in Salesforce were worth $1,946,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Signature Resources Capital Management LLC bought a new stake in Salesforce in the fourth quarter worth $26,000. Ruedi Wealth Management Inc. lifted its stake in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Piscataqua Savings Bank increased its position in shares of Salesforce by 2,400.0% during the 2nd 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 last quarter. Red Tortoise LLC purchased a new stake in Salesforce during the 1st quarter valued at $33,000. Finally, Stephens Consulting LLC lifted its position in Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

CRM traded down $4.11 on Friday, reaching $252.90. 10,507,704 shares of the stock were exchanged, compared to its average volume of 5,508,211. The company’s 50-day moving average price is $254.44 and its 200 day moving average price is $271.13. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.11. The firm has a market capitalization of $245.06 billion, a PE ratio of 45.49, a PEG ratio of 2.22 and a beta of 1.29. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the company posted $1.63 earnings per share. The company’s revenue was up 8.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Salesforce, Inc. will post 7.52 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.63%. Salesforce’s dividend payout ratio is presently 28.78%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CRM shares. Citigroup boosted their target price on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Morgan Stanley increased their price objective on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday. Robert W. Baird lifted their target price on Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a research report on Thursday. Bank of America increased their price target on Salesforce from $316.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Loop Capital raised their price target on Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a research note on Thursday. Nine analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $302.00.

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director G Mason Morfit acquired 428,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was bought at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the completion of the acquisition, the director now owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,964 shares of company stock valued at $27,956,647. 3.20% of the stock is owned by insiders.

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.