Envestnet Portfolio Solutions Inc. Boosts Stock Position in Salesforce, Inc. (NYSE:CRM)

Envestnet Portfolio Solutions Inc. grew its holdings in Salesforce, Inc. (NYSE:CRM) by 8.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,700 shares of the CRM provider’s stock after acquiring an additional 4,881 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Salesforce were worth $15,606,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRM. Marks Group Wealth Management Inc increased its stake in shares of Salesforce by 0.7% in the 4th quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after acquiring an additional 257 shares during the last quarter. Spartan Planning & Wealth Management boosted its stake in shares of Salesforce by 66.3% in the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock valued at $412,000 after buying an additional 625 shares during the period. Roman Butler Fullerton & Co. boosted its stake in shares of Salesforce by 1.4% in the 4th quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock valued at $2,206,000 after buying an additional 105 shares during the period. Parnassus Investments LLC increased its position in Salesforce by 0.3% during the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after buying an additional 18,397 shares during the period. Finally, TD Asset Management Inc increased its position in Salesforce by 32.6% during the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after buying an additional 194,224 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRM has been the topic of a number of recent analyst reports. Piper Sandler reaffirmed a “neutral” rating and set a $250.00 price objective on shares of Salesforce in a report on Friday, July 12th. UBS Group dropped their target price on Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Raymond James restated a “strong-buy” rating and set a $325.00 price target (down from $380.00) on shares of Salesforce in a research note on Thursday, May 30th. Morgan Stanley reduced their price target on Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Finally, Wells Fargo & Company reduced their target price on Salesforce from $300.00 to $250.00 and set an “equal weight” rating on the stock in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $254.57, for a total transaction of $1,069,194.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at approximately $29,932,595.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $254.57, for a total transaction of $1,069,194.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at approximately $29,932,595.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Srinivas Tallapragada sold 942 shares of the firm’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 sale, the insider now directly 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. In the last 90 days, insiders sold 202,136 shares of company stock valued at $52,228,109. 3.20% of the stock is currently owned by company insiders.

Salesforce Trading Up 2.2 %

Shares of Salesforce stock traded up $5.63 on Thursday, hitting $260.95. The stock had a trading volume of 2,212,909 shares, compared to its average volume of 6,615,714. The stock has a 50 day moving average of $248.65 and a 200 day moving average of $273.27. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $252.86 billion, a P/E ratio of 46.99, a PEG ratio of 2.22 and a beta of 1.29.

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

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date was Tuesday, July 9th. Salesforce’s dividend payout ratio is presently 28.78%.

Salesforce 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.