Chapin Davis Inc. Buys New Shares in Salesforce, Inc. (NYSE:CRM)

Chapin Davis Inc. bought a new stake in Salesforce, Inc. (NYSE:CRM) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,870 shares of the CRM provider’s stock, valued at approximately $563,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bear Mountain Capital Inc. bought a new position in Salesforce during the fourth quarter worth about $26,000. Signature Resources Capital Management LLC bought a new position in Salesforce during the fourth quarter worth about $26,000. Kathleen S. Wright Associates Inc. bought a new position in Salesforce during the fourth quarter worth about $31,000. Pacifica Partners Inc. grew its holdings in Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares during the period. Finally, BKM Wealth Management LLC bought a new position in Salesforce during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Down 0.5 %

CRM traded down $1.23 during trading on Monday, reaching $255.87. 423,303 shares of the stock traded hands, compared to its average volume of 6,933,556. 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 stock has a market capitalization of $247.94 billion, a PE ratio of 46.24, a P/E/G ratio of 2.26 and a beta of 1.29. The stock’s 50-day moving average is $259.79 and its 200 day moving average is $276.47. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The company had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The business’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 EPS. Equities analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce’s dividend payout ratio (DPR) is presently 7.19%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Mizuho reduced their price target on Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Raymond James restated a “strong-buy” rating and set a $325.00 price objective (down previously from $380.00) on shares of Salesforce in a report on Thursday, May 30th. StockNews.com cut Salesforce from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 19th. Evercore ISI reduced their price objective on Salesforce from $330.00 to $300.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Finally, Canaccord Genuity Group reduced their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $301.75, for a total value of $1,267,350.00. Following the sale, the insider now owns 105,837 shares in the company, valued at approximately $31,936,314.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the sale, the chief accounting officer now owns 5,856 shares in the company, valued at approximately $1,599,566.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $301.75, for a total transaction of $1,267,350.00. Following the completion of the sale, the insider now owns 105,837 shares of the company’s stock, valued at approximately $31,936,314.75. The disclosure for this sale can be found here. Insiders have sold 507,934 shares of company stock valued at $139,262,073 in the last 90 days. 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.