Parallel Advisors LLC Sells 5,316 Shares of Salesforce Inc. $CRM

Parallel Advisors LLC lowered its stake in shares of Salesforce Inc. (NYSE:CRM) by 8.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,147 shares of the CRM provider’s stock after selling 5,316 shares during the quarter. Parallel Advisors LLC’s holdings in Salesforce were worth $11,228,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Commonwealth Retirement Investments LLC acquired a new stake in Salesforce in the 4th quarter valued at approximately $25,000. Key Capital Management INC acquired a new position in shares of Salesforce during the fourth quarter worth approximately $26,000. Gilpin Wealth Management LLC bought a new stake in shares of Salesforce in the fourth quarter valued at approximately $26,000. Legacy Bridge LLC bought a new stake in shares of Salesforce in the fourth quarter valued at approximately $27,000. Finally, Costello Asset Management INC grew its stake in shares of Salesforce by 410.3% in the first quarter. Costello Asset Management INC now owns 148 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 119 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the topic of several research reports. Wolfe Research downgraded shares of Salesforce from an “outperform” rating to a “hold” rating in a report on Wednesday, July 1st. Royal Bank Of Canada downgraded Salesforce from a “sector perform” rating to a “sector perform” rating in a research report on Wednesday, July 1st. Sanford C. Bernstein lowered their price target on Salesforce from $194.00 to $173.00 and set an “underperform” rating on the stock in a research note on Thursday, May 28th. Roth Capital reaffirmed a “buy” rating and issued a $325.00 price target on shares of Salesforce in a report on Thursday, May 28th. Finally, KeyCorp cut Salesforce from an “overweight” rating to a “sector weight” rating in a report on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, sixteen have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $249.51.

Salesforce Price Performance

Shares of CRM stock opened at $191.02 on Wednesday. The stock’s fifty day simple moving average is $170.69 and its 200 day simple moving average is $183.76. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market cap of $156.45 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 1.01 and a beta of 1.16. Salesforce Inc. has a one year low of $146.32 and a one year high of $269.11.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, May 27th. The CRM provider reported $3.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.13 by $0.75. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. The business had revenue of $11.13 billion during the quarter, compared to analysts’ expectations of $11.05 billion. During the same quarter last year, the company posted $2.58 EPS. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. On average, analysts expect that Salesforce Inc. will post 10.27 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, June 11th were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.9%. Salesforce’s payout ratio is currently 20.37%.

About Salesforce

Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.

Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.