Salesforce, Inc. (NYSE:CRM) Shares Sold by InTrack Investment Management Inc

InTrack Investment Management Inc decreased its holdings in Salesforce, Inc. (NYSE:CRM) by 42.4% in the first quarter, Holdings Channel reports. The fund owned 3,144 shares of the CRM provider’s stock after selling 2,315 shares during the period. InTrack Investment Management Inc’s holdings in Salesforce were worth $844,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. USA Financial Formulas increased its holdings in shares of Salesforce by 5.7% in the first quarter. USA Financial Formulas now owns 799 shares of the CRM provider’s stock valued at $214,000 after purchasing an additional 43 shares during the last quarter. My Legacy Advisors LLC boosted its stake in Salesforce by 4.9% during the first quarter. My Legacy Advisors LLC now owns 2,940 shares of the CRM provider’s stock worth $789,000 after buying an additional 138 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Salesforce by 47.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 362,868 shares of the CRM provider’s stock valued at $97,379,000 after buying an additional 116,165 shares in the last quarter. Kozak & Associates Inc. increased its stake in shares of Salesforce by 1.6% in the 1st quarter. Kozak & Associates Inc. now owns 2,571 shares of the CRM provider’s stock worth $654,000 after acquiring an additional 41 shares during the last quarter. Finally, MV Capital Management Inc. raised its holdings in shares of Salesforce by 5.3% during the 1st quarter. MV Capital Management Inc. now owns 10,747 shares of the CRM provider’s stock worth $2,884,000 after acquiring an additional 542 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analysts Set New Price Targets

CRM has been the subject of a number of analyst reports. Morgan Stanley reissued an “overweight” rating and issued a $404.00 price objective (up previously from $393.00) on shares of Salesforce in a report on Thursday, May 29th. Loop Capital reduced their target price on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Wells Fargo & Company increased their price target on shares of Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a research note on Thursday, May 29th. Citigroup cut their price target on shares of Salesforce from $320.00 to $295.00 and set a “neutral” rating for the company in a report on Friday, May 30th. Finally, BMO Capital Markets reduced their price target on shares of Salesforce from $367.00 to $350.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $346.34.

Salesforce Stock Performance

NYSE:CRM opened at $268.19 on Wednesday. Salesforce, Inc. has a 52 week low of $227.77 and a 52 week high of $369.00. The company has a fifty day simple moving average of $266.84 and a two-hundred day simple moving average of $301.47. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $256.39 billion, a price-to-earnings ratio of 44.11, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38.

Salesforce (NYSE:CRM) last released its earnings results 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 12.34% and a net margin of 15.96%. The firm had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same period last year, the business posted $2.44 earnings per share. Salesforce’s revenue was up 7.6% compared to the same quarter last year. As a group, equities analysts anticipate that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be paid a $0.416 dividend. This represents a $1.66 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce’s payout ratio is presently 25.98%.

Insider Transactions at Salesforce

In related news, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the transaction, the chief accounting officer now owns 11,310 shares in the company, valued at $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Miguel Milano sold 705 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total transaction of $197,005.20. Following the transaction, the insider now owns 9,323 shares of the company’s stock, valued at $2,605,219.12. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,332 shares of company stock valued at $11,024,802. 3.20% of the stock is currently owned by corporate insiders.

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.