Coronation Fund Managers Ltd. Has $21.23 Million Position in Salesforce, Inc. (NYSE:CRM)

Coronation Fund Managers Ltd. grew its position in Salesforce, Inc. (NYSE:CRM) by 22.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,585 shares of the CRM provider’s stock after acquiring an additional 15,067 shares during the period. Coronation Fund Managers Ltd.’s holdings in Salesforce were worth $21,233,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CRM. Clear Rock Advisors LLC acquired a new stake in shares of Salesforce in the second quarter valued at approximately $3,076,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Salesforce during the 2nd quarter worth approximately $33,000. Souders Financial Advisors increased its stake in Salesforce by 435.0% during the 2nd quarter. Souders Financial Advisors now owns 4,018 shares of the CRM provider’s stock worth $1,033,000 after acquiring an additional 3,267 shares during the period. Clearbridge Investments LLC increased its position in shares of Salesforce by 9.3% in the second quarter. Clearbridge Investments LLC now owns 3,428,934 shares of the CRM provider’s stock worth $881,579,000 after purchasing an additional 292,912 shares during the period. Finally, New Wave Wealth Advisors LLC acquired a new position in Salesforce in the second quarter valued at about $336,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Down 1.0 %

Shares of NYSE CRM opened at $270.87 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50-day moving average price of $256.95 and a 200-day moving average price of $264.65. The stock has a market capitalization of $262.47 billion, a P/E ratio of 48.72, a P/E/G ratio of 2.39 and a beta of 1.29. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.63 EPS. On average, equities research analysts forecast that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business 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 annualized dividend and a yield of 0.59%. Salesforce’s dividend payout ratio (DPR) is currently 28.78%.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the transaction, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $252.75, for a total transaction of $1,061,550.00. Following the sale, the insider now directly owns 116,693 shares in the company, valued at approximately $29,494,155.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,985 shares of company stock worth $17,632,363. 3.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Morgan Stanley increased their price objective on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Loop Capital reissued a “hold” rating and issued a $270.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. FBN Securities upgraded Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Erste Group Bank reiterated a “hold” rating on shares of Salesforce in a research note on Wednesday, September 11th. Finally, Evercore ISI restated an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research report on Monday, August 26th. Eight analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $308.03.

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.