Coastline Trust Co Grows Position in Salesforce Inc. (NYSE:CRM)

Coastline Trust Co grew its position in shares of Salesforce Inc. (NYSE:CRM) by 17.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,425 shares of the CRM provider’s stock after acquiring an additional 1,090 shares during the quarter. Coastline Trust Co’s holdings in Salesforce were worth $1,993,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Bernard Wealth Management Corp. bought a new stake in Salesforce in the 4th quarter worth about $25,000. Accredited Wealth Management LLC purchased a new position in shares of Salesforce in the 4th quarter worth approximately $27,000. Wood Tarver Financial Group LLC bought a new position in shares of Salesforce in the fourth quarter valued at approximately $35,000. VSM Wealth Advisory LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at approximately $45,000. Finally, Graney & King LLC bought a new stake in Salesforce during the fourth quarter worth $54,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Down 0.3%

Shares of CRM opened at $271.86 on Wednesday. The firm has a market cap of $259.90 billion, a P/E ratio of 42.54, a P/E/G ratio of 2.47 and a beta of 1.37. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The stock has a 50 day simple moving average of $271.69 and a two-hundred day simple moving average of $293.08.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping 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 in the previous year, the firm posted $2.44 earnings per share. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders 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 dividend on an annualized basis and a yield of 0.61%. Salesforce’s dividend payout ratio (DPR) is currently 25.98%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRM. UBS Group set a $404.00 target price on Salesforce and gave the stock an “overweight” rating in a research note on Wednesday, June 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $400.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Oppenheimer reissued an “outperform” rating and set a $370.00 target price on shares of Salesforce in a research report on Tuesday, June 10th. Wells Fargo & Company raised their price target on shares of Salesforce from $255.00 to $275.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 29th. Finally, Northland Securities reduced their price objective on Salesforce from $423.00 to $396.00 and set an “outperform” rating for the company in a report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $349.08.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 261 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $68,473.35. Following the transaction, the chief accounting officer owned 12,024 shares in the company, valued at approximately $3,154,496.40. This trade represents a 2.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Miguel Milano sold 405 shares of the company’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $106,251.75. Following the sale, the insider owned 9,933 shares of the company’s stock, valued at $2,605,922.55. This represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,534 shares of company stock valued at $7,609,842. Insiders own 3.20% of the company’s stock.

About Salesforce

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.