Salesforce, Inc. (NYSE:CRM) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC lessened its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 2.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,602 shares of the CRM provider’s stock after selling 111 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Salesforce were worth $1,386,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CRM. Advisors Asset Management Inc. boosted its position in Salesforce by 3.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 11,824 shares of the CRM provider’s stock valued at $2,398,000 after purchasing an additional 401 shares during the period. Legacy Advisors LLC boosted its position in Salesforce by 5.4% during the 3rd quarter. Legacy Advisors LLC now owns 3,024 shares of the CRM provider’s stock valued at $613,000 after purchasing an additional 154 shares during the period. Lake Street Advisors Group LLC boosted its position in Salesforce by 4.2% during the 3rd quarter. Lake Street Advisors Group LLC now owns 11,065 shares of the CRM provider’s stock valued at $2,244,000 after purchasing an additional 444 shares during the period. Jericho Capital Asset Management L.P. acquired a new position in Salesforce during the 3rd quarter valued at approximately $68,742,000. Finally, Sei Investments Co. boosted its position in Salesforce by 2.2% during the 3rd quarter. Sei Investments Co. now owns 1,112,424 shares of the CRM provider’s stock valued at $225,579,000 after purchasing an additional 24,177 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the transaction, the chief executive officer now owns 12,407,327 shares in the company, valued at $2,688,171,467.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $301.75, for a total value 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 $31,936,314.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the completion of the sale, the chief executive officer now directly owns 12,407,327 shares of the company’s stock, valued at approximately $2,688,171,467.82. The disclosure for this sale can be found here. Insiders have sold 484,152 shares of company stock worth $131,779,561 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Stock Performance

Shares of CRM stock opened at $260.95 on Friday. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $252.86 billion, a price-to-earnings ratio of 46.93, a P/E/G ratio of 2.29 and a beta of 1.29. The stock’s fifty day simple moving average is $258.48 and its 200-day simple moving average is $276.21.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The business had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the previous year, the company posted $1.15 earnings per share. Salesforce’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.61%. Salesforce’s dividend payout ratio (DPR) is currently 7.19%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CRM shares. Wedbush reduced their price objective on Salesforce from $325.00 to $315.00 and set an “outperform” rating for the company in a research report on Wednesday, May 29th. Jefferies Financial Group cut their target price on Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Oppenheimer cut their target price on Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. KeyCorp initiated coverage on Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating on the stock. Finally, JPMorgan Chase & Co. cut their target price on Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. One investment 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 issued a strong buy rating to the company. Based on data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $292.79.

Salesforce 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.