Sompo Asset Management Co. Ltd. Has $6.89 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Sompo Asset Management Co. Ltd. grew its stake in Salesforce, Inc. (NYSE:CRM) by 16.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 26,810 shares of the CRM provider’s stock after purchasing an additional 3,860 shares during the quarter. Salesforce comprises approximately 1.2% of Sompo Asset Management Co. Ltd.’s holdings, making the stock its 21st largest holding. Sompo Asset Management Co. Ltd.’s holdings in Salesforce were worth $6,893,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Ruedi Wealth Management Inc. boosted its holdings in Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares during the last quarter. Piscataqua Savings Bank raised its position in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the period. Clear Investment Research LLC boosted its stake in Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares during the last quarter. Red Tortoise LLC acquired a new position in Salesforce during the first quarter valued at approximately $33,000. Finally, Stephens Consulting LLC increased its stake in Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CRM shares. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Loop Capital reissued a “hold” rating and issued a $270.00 target price on shares of Salesforce in a research note on Thursday. Erste Group Bank reaffirmed a “hold” rating on shares of Salesforce in a research report on Wednesday, September 11th. Jefferies Financial Group decreased their price objective on Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $306.00.

Insider Buying and Selling

In other news, insider Srinivas Tallapragada sold 942 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the transaction, the insider now directly owns 22,154 shares in the company, valued at approximately $5,368,357.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total transaction of $1,079,568.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $30,223,020.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Srinivas Tallapragada sold 942 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the completion of the transaction, the insider now owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The disclosure for this sale can be found here. Insiders sold a total of 66,576 shares of company stock worth $16,957,573 in the last three months. 3.20% of the stock is owned by corporate insiders.

Salesforce Price Performance

CRM stock opened at $266.57 on Friday. The company’s 50-day moving average price is $254.14 and its two-hundred day moving average price is $266.67. The firm has a market cap of $258.31 billion, a P/E ratio of 47.94, a P/E/G ratio of 2.26 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the business earned $1.63 earnings per share. The company’s revenue was up 8.5% on a year-over-year basis. On average, analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

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

About Salesforce

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.