Fairscale Capital LLC acquired a new stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 4,421 shares of the CRM provider’s stock, valued at approximately $1,132,000. Salesforce accounts for approximately 1.0% of Fairscale Capital LLC’s portfolio, making the stock its 24th biggest position.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ruedi Wealth Management Inc. boosted its stake in shares of 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 boosted its stake in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the period. Clear Investment Research LLC grew its holdings in Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares in the last quarter. Red Tortoise LLC bought a new stake in shares of Salesforce during the first quarter valued at approximately $33,000. Finally, Stephens Consulting LLC lifted its holdings in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.
Insiders Place Their Bets
In other news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total value of $1,079,568.00. Following the transaction, the insider now directly owns 117,581 shares in the company, valued at approximately $30,223,020.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total value 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Srinivas Tallapragada sold 942 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 $228,265.44. Following the transaction, the insider now owns 22,154 shares of the company’s stock, valued at approximately $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 over the last 90 days. Company insiders own 3.20% of the company’s stock.
Salesforce Stock Up 0.3 %
Shares of CRM traded up $0.81 during midday trading on Friday, reaching $266.80. 11,463,169 shares of the stock were exchanged, compared to its average volume of 6,575,809. The company has a market capitalization of $258.53 billion, a P/E ratio of 47.99, a PEG ratio of 2.26 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The company’s 50 day moving average is $254.14 and its two-hundred day moving average is $266.44.
Salesforce (NYSE:CRM – Get Free Report) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping 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 company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the prior year, the business earned $1.63 EPS. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current year.
Salesforce Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 28.78%.
Analysts Set New Price Targets
CRM has been the topic of a number of research reports. Phillip Securities reiterated an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a report on Friday, August 30th. Wells Fargo & Company boosted their target price on Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 29th. Jefferies Financial Group dropped their price target on Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Citigroup lifted their price objective on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Finally, Loop Capital reiterated a “hold” rating and set a $270.00 target price on shares of Salesforce in a research report on Thursday. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $306.00.
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.