Bridges Investment Management Inc. Has $1.21 Million Holdings in Salesforce, Inc. (NYSE:CRM)

Bridges Investment Management Inc. raised its stake in Salesforce, Inc. (NYSE:CRM) by 263.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,714 shares of the CRM provider’s stock after acquiring an additional 3,418 shares during the quarter. Bridges Investment Management Inc.’s holdings in Salesforce were worth $1,212,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Salesforce by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after purchasing an additional 1,008,841 shares during the last quarter. Capital World Investors increased its holdings in shares of Salesforce by 2.4% during the fourth quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock worth $5,147,402,000 after buying an additional 457,463 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Salesforce by 5.2% in the 4th quarter. Fisher Asset Management LLC now owns 14,905,462 shares of the CRM provider’s stock valued at $3,922,223,000 after acquiring an additional 736,986 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after acquiring an additional 3,044,611 shares in the last quarter. Finally, Capital International Investors grew its position in Salesforce by 3.0% during the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after acquiring an additional 407,834 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Up 0.2 %

Shares of NYSE:CRM opened at $266.57 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The business’s 50 day simple moving average is $254.14 and its two-hundred day simple moving average is $266.67. The firm has a market cap of $258.31 billion, a P/E ratio of 47.94, a PEG ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the business earned $1.63 EPS. As a group, research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.60%. Salesforce’s dividend payout ratio is presently 28.78%.

Analysts Set New Price Targets

Several equities analysts have commented on CRM shares. Needham & Company LLC reiterated a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research report on Friday. Evercore ISI reiterated an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Oppenheimer lifted their target price on shares of Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. DA Davidson upped their price target on shares of Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $306.00.

Insider Activity at Salesforce

In other Salesforce news, COO Brian Millham sold 1,678 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $242.32, for a total transaction of $406,612.96. Following the completion of the sale, the chief operating officer now directly owns 1,662 shares of the company’s stock, valued at approximately $402,735.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Salesforce news, COO Brian Millham sold 1,678 shares of Salesforce stock in a transaction on Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $406,612.96. Following the transaction, the chief operating officer now directly owns 1,662 shares of the company’s stock, valued at approximately $402,735.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the sale, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,576 shares of company stock valued at $16,957,573. 3.20% of the stock is 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.