Maia Wealth LLC boosted its position in Salesforce Inc. (NYSE:CRM – Free Report) by 7.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,199 shares of the CRM provider’s stock after acquiring an additional 487 shares during the period. Maia Wealth LLC’s holdings in Salesforce were worth $1,833,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in CRM. Nuveen LLC bought a new position in Salesforce in the first quarter valued at about $2,039,196,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Salesforce by 926.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock valued at $1,422,979,000 after acquiring an additional 3,841,521 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Salesforce by 30,456.9% in the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider’s stock valued at $1,020,194,000 after acquiring an additional 3,789,147 shares during the last quarter. Northern Trust Corp boosted its holdings in Salesforce by 18.3% in the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock valued at $3,752,830,000 after acquiring an additional 1,736,667 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Salesforce by 1,744.0% in the first quarter. Pacer Advisors Inc. now owns 1,820,262 shares of the CRM provider’s stock valued at $488,486,000 after acquiring an additional 1,721,550 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.
Salesforce Stock Down 0.3%
Shares of Salesforce stock opened at $240.09 on Monday. The business’s 50 day simple moving average is $263.47 and its 200 day simple moving average is $278.75. Salesforce Inc. has a 52-week low of $230.00 and a 52-week high of $369.00. The firm has a market cap of $229.53 billion, a PE ratio of 37.57, a P/E/G ratio of 2.18 and a beta of 1.37. 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 Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were paid a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Wednesday, June 18th. Salesforce’s dividend payout ratio (DPR) is currently 25.98%.
Analyst Upgrades and Downgrades
CRM has been the topic of several recent research reports. Stephens decreased their price target on Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. Westpark Capital reissued a “buy” rating and issued a $320.00 target price on shares of Salesforce in a research note on Wednesday, May 28th. Mizuho cut their target price on Salesforce from $425.00 to $380.00 and set an “outperform” rating on the stock in a research note on Thursday, May 15th. Wells Fargo & Company increased their target price on Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a research note on Thursday, May 29th. Finally, Cantor Fitzgerald lowered Salesforce from an “overweight” rating to a “cautious” rating in a research note on Thursday, July 10th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $348.16.
View Our Latest Research Report on Salesforce
Insider Buying and Selling
In other Salesforce news, insider Srinivas Tallapragada sold 6,697 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the completion of the transaction, the insider directly owned 41,422 shares in the company, valued at $12,219,490. This trade represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Benioff sold 2,250 shares of the firm’s stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $259.67, for a total value of $584,257.50. Following the completion of the transaction, the chief executive officer owned 11,955,566 shares of the company’s stock, valued at approximately $3,104,501,823.22. This represents a 0.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,479 shares of company stock valued at $12,457,591. Corporate insiders own 3.00% 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.
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