Global Wealth Management Investment Advisory Inc. Has $2.72 Million Stock Position in Salesforce Inc. (NYSE:CRM)

Global Wealth Management Investment Advisory Inc. increased its holdings in Salesforce Inc. (NYSE:CRM) by 11.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,121 shares of the CRM provider’s stock after acquiring an additional 1,051 shares during the period. Global Wealth Management Investment Advisory Inc.’s holdings in Salesforce were worth $2,716,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of CRM. Atlantic Union Bankshares Corp grew its position in Salesforce by 2.7% during the fourth quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider’s stock valued at $9,146,000 after purchasing an additional 723 shares in the last quarter. Millstone Evans Group LLC purchased a new position in shares of Salesforce during the 4th quarter valued at $823,000. Heartland Bank & Trust Co increased its stake in shares of Salesforce by 117.2% in the first quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider’s stock worth $1,605,000 after acquiring an additional 3,227 shares during the last quarter. Catalyst Funds Management Pty Ltd purchased a new stake in shares of Salesforce during the fourth quarter worth $5,249,000. Finally, Elwood Capital Partners LP acquired a new stake in Salesforce during the fourth quarter valued at $1,337,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CRM. Mizuho dropped their target price on Salesforce from $425.00 to $380.00 and set an “outperform” rating on the stock in a research report on Thursday, May 15th. The Goldman Sachs Group boosted their price target on Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, May 29th. Wells Fargo & Company raised their price objective on shares of Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a research report on Thursday, May 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $325.00 target price on shares of Salesforce in a research report on Thursday, June 26th. Finally, Northland Securities dropped their price target on shares of Salesforce from $423.00 to $396.00 and set an “outperform” rating on the stock in a research note on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $349.08.

Salesforce Price Performance

Shares of Salesforce stock opened at $271.58 on Friday. The firm has a market cap of $259.63 billion, a P/E ratio of 42.50, a price-to-earnings-growth ratio of 2.44 and a beta of 1.36. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. Salesforce Inc. has a twelve month low of $230.00 and a twelve month high of $369.00. The firm’s 50-day simple moving average is $272.21 and its 200-day simple moving average is $292.32.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. During the same period last year, the business earned $2.44 earnings per share. The business’s revenue was up 7.6% on a year-over-year basis. As a group, research analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be given 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 presently 25.98%.

Insider Activity

In other news, insider Srinivas Tallapragada sold 1,269 shares of Salesforce 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 $332,922.15. Following the completion of the transaction, the insider owned 42,678 shares in the company, valued at approximately $11,196,573.30. The trade was a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Miguel Milano sold 405 shares of the firm’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $106,251.75. Following the sale, the insider directly 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 three months, insiders sold 28,534 shares of company stock valued at $7,609,842. Corporate 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.