Courier Capital LLC Reduces Holdings in Salesforce, Inc. (NYSE:CRM)

Courier Capital LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 0.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 12,721 shares of the CRM provider’s stock after selling 81 shares during the period. Courier Capital LLC’s holdings in Salesforce were worth $3,831,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Bear Mountain Capital Inc. acquired a new stake in shares of Salesforce in the 4th quarter valued at $26,000. Signature Resources Capital Management LLC acquired a new stake in Salesforce during the 4th quarter worth $26,000. Kathleen S. Wright Associates Inc. acquired a new stake in Salesforce during the 4th quarter worth $31,000. BKM Wealth Management LLC acquired a new stake in Salesforce during the 4th quarter worth $34,000. Finally, Pacifica Partners Inc. raised its stake in Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Trading Up 1.7 %

Shares of NYSE:CRM traded up $4.25 during trading on Friday, reaching $257.10. The stock had a trading volume of 12,370,370 shares, compared to its average volume of 6,984,051. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average price of $260.43 and a 200-day moving average price of $276.33. The stock has a market cap of $249.13 billion, a P/E ratio of 46.43, a PEG ratio of 2.13 and a beta of 1.25.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the prior year, the business posted $1.15 earnings per share. Salesforce’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Tuesday, July 9th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.62%. Salesforce’s dividend payout ratio is presently 7.19%.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the sale, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $301.72, for a total value of $4,525,800.00. Following the sale, the chief executive officer now owns 13,011,166 shares of the company’s stock, valued at approximately $3,925,729,005.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at approximately $1,599,566.40. The disclosure for this sale can be found here. Insiders have sold 541,787 shares of company stock valued at $149,773,683 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

CRM has been the topic of several research analyst reports. Oppenheimer cut their price target on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Raymond James reissued a “strong-buy” rating and set a $325.00 price objective (down from $380.00) on shares of Salesforce in a research report on Thursday, May 30th. Barclays lowered their price objective on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. StockNews.com downgraded shares of Salesforce from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 19th. Finally, Piper Sandler lowered their price objective on shares of Salesforce from $300.00 to $250.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $292.79.

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.