Interval Partners LP Cuts Stock Position in Salesforce, Inc. (NYSE:CRM)

Interval Partners LP cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 81.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,526 shares of the CRM provider’s stock after selling 29,474 shares during the quarter. Interval Partners LP’s holdings in Salesforce were worth $1,678,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Salesforce

In other news, COO Brian Millham sold 5,735 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $266.22, for a total transaction of $1,526,771.70. Following the transaction, the chief operating officer now directly owns 1,663 shares of the company’s stock, valued at $442,723.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Parker Harris sold 942 shares of Salesforce stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $264.78, for a total transaction of $249,422.76. Following the sale, the insider now owns 118,514 shares of the company’s stock, valued at approximately $31,380,136.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Millham sold 5,735 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $266.22, for a total transaction of $1,526,771.70. Following the completion of the transaction, the chief operating officer now directly owns 1,663 shares of the company’s stock, valued at $442,723.86. The disclosure for this sale can be found here. Insiders sold 70,633 shares of company stock valued at $18,100,349 in the last 90 days. Insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the topic of a number of research reports. UBS Group boosted their price objective on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Bank of America reissued a “buy” rating and issued a $325.00 price target on shares of Salesforce in a research report on Friday, September 6th. BNP Paribas upgraded shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Mizuho dropped their target price on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Finally, Stifel Nicolaus raised their price target on Salesforce from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $306.00.

Salesforce Stock Performance

Shares of CRM stock opened at $264.21 on Tuesday. 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 fifty-two week low of $193.68 and a fifty-two week high of $318.71. The company has a market capitalization of $256.02 billion, a P/E ratio of 47.52, a PEG ratio of 2.26 and a beta of 1.29. The stock has a 50 day moving average price of $254.37 and a two-hundred day moving average price of $265.91.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share 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 analysts’ expectations of $9.22 billion. During the same quarter in the prior year, the company posted $1.63 EPS. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.61%. Salesforce’s dividend payout ratio is presently 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.