Trueblood Wealth Management LLC Increases Holdings in Salesforce, Inc. (NYSE:CRM)

Trueblood Wealth Management LLC boosted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 19.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,225 shares of the CRM provider’s stock after purchasing an additional 530 shares during the period. Trueblood Wealth Management LLC’s holdings in Salesforce were worth $866,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Moseley Investment Management Inc. boosted its position in Salesforce by 4.0% during the 1st quarter. Moseley Investment Management Inc. now owns 3,665 shares of the CRM provider’s stock valued at $984,000 after acquiring an additional 141 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Salesforce by 6.5% during the 1st quarter. Handelsbanken Fonder AB now owns 378,112 shares of the CRM provider’s stock valued at $101,470,000 after acquiring an additional 22,986 shares in the last quarter. Petredis Investment Advisors LLC boosted its position in Salesforce by 1.2% during the 1st quarter. Petredis Investment Advisors LLC now owns 19,901 shares of the CRM provider’s stock valued at $5,341,000 after acquiring an additional 234 shares in the last quarter. Sanibel Captiva Trust Company Inc. boosted its position in Salesforce by 0.3% during the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 127,175 shares of the CRM provider’s stock valued at $34,129,000 after acquiring an additional 349 shares in the last quarter. Finally, Central Valley Advisors LLC boosted its position in Salesforce by 6.1% during the 1st quarter. Central Valley Advisors LLC now owns 6,981 shares of the CRM provider’s stock valued at $1,873,000 after acquiring an additional 401 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, insider R David Schmaier sold 6,959 shares of the stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the transaction, the insider now owns 36,090 shares of the company’s stock, valued at $9,141,957.90. This represents a 16.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 1,909 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $543,263.22. Following the transaction, the chief accounting officer now directly owns 11,310 shares of the company’s stock, valued at $3,218,599.80. This trade represents a 14.44% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,332 shares of company stock valued at $11,024,802. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Piper Sandler lifted their price objective on Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday, May 28th. Oppenheimer reaffirmed an “outperform” rating and set a $370.00 price objective on shares of Salesforce in a research report on Tuesday. Royal Bank of Canada cut Salesforce from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $420.00 to $275.00 in a research report on Thursday, May 29th. Redburn Atlantic initiated coverage on Salesforce in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. Finally, Erste Group Bank cut Salesforce from a “buy” rating to a “hold” rating in a research report on Thursday, June 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $346.34.

Salesforce Trading Down 1.5%

NYSE:CRM opened at $268.19 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization 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, Inc. has a one year low of $227.77 and a one year high of $369.00. The business has a fifty day moving average price of $266.84 and a 200-day moving average price of $301.47.

Salesforce (NYSE:CRM) last issued its 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. The company had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. Salesforce’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.44 EPS. Sell-side analysts forecast that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

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

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.