Primecap Management Co. CA Boosts Position in Salesforce, Inc. (NYSE:CRM)

Primecap Management Co. CA raised its stake in Salesforce, Inc. (NYSE:CRM) by 64.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 508,600 shares of the CRM provider’s stock after buying an additional 199,700 shares during the period. Primecap Management Co. CA’s holdings in Salesforce were worth $130,761,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Ruedi Wealth Management Inc. grew its stake 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 purchasing an additional 56 shares in the last quarter. Piscataqua Savings Bank grew 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 worth $26,000 after buying an additional 96 shares in the last quarter. Clear Investment Research LLC increased its stake in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares during the period. Red Tortoise LLC bought a new stake in shares of Salesforce in the first quarter valued at about $33,000. Finally, Stephens Consulting LLC lifted its stake 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 acquiring an additional 125 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

CRM opened at $255.32 on Wednesday. The firm has a 50 day moving average of $253.61 and a two-hundred day moving average of $267.11. The firm has a market capitalization of $247.41 billion, a PE ratio of 45.92, a P/E/G ratio of 2.26 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 earnings per share. On average, analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.63%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Insider Activity at Salesforce

In related news, Director Oscar Munoz acquired 2,051 shares of the stock in a transaction on Friday, June 21st. The shares were acquired at an average price of $243.69 per share, for a total transaction of $499,808.19. Following the transaction, the director now owns 7,026 shares in the company, valued at approximately $1,712,165.94. The purchase was disclosed in a filing with the SEC, which is available through this link. In other news, Director Oscar Munoz bought 2,051 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was purchased at an average cost of $243.69 per share, for a total transaction of $499,808.19. Following the purchase, the director now directly owns 7,026 shares in the company, valued at approximately $1,712,165.94. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 62,376 shares of company stock worth $15,878,005. 3.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CRM has been the topic of a number of research reports. Needham & Company LLC reissued a “buy” rating and set a $345.00 target price on shares of Salesforce in a research report on Friday, September 6th. Wedbush restated an “outperform” rating and set a $315.00 target price on shares of Salesforce in a report on Thursday, August 29th. Citigroup lifted their price target on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a report on Monday, August 26th. FBN Securities upgraded Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Phillip Securities reiterated an “accumulate” rating and issued a $305.00 target price on shares of Salesforce in a research note on Friday, August 30th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $305.55.

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.