Convergence Investment Partners LLC Cuts Holdings in Salesforce, Inc. (NYSE:CRM)

Convergence Investment Partners LLC decreased its holdings in Salesforce, Inc. (NYSE:CRM) by 63.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,667 shares of the CRM provider’s stock after selling 2,891 shares during the period. Convergence Investment Partners LLC’s holdings in Salesforce were worth $429,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Ruedi Wealth Management Inc. grew its position in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares during the last quarter. Piscataqua Savings Bank grew its holdings in Salesforce by 2,400.0% in the second 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 last quarter. Red Tortoise LLC purchased a new position in Salesforce in the first quarter worth $33,000. Stephens Consulting LLC lifted its holdings 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 purchasing an additional 125 shares during the last quarter. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Salesforce in the 4th quarter worth $35,000. Hedge funds and other 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 the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total value of $1,104,474.00. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at $30,920,275.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at $30,920,275.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 942 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the completion of 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. Insiders have sold 95,164 shares of company stock valued at $23,760,225 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Evercore ISI restated an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research note on Monday, August 26th. Citigroup upped their target price on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Barclays cut their price target on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Loop Capital lifted their price objective on shares of Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Finally, Macquarie cut their price objective on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating on the stock in a research note on Friday, May 31st. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $304.41.

Salesforce Price Performance

Shares of Salesforce stock opened at $252.90 on Tuesday. The stock has a market capitalization of $245.06 billion, a P/E ratio of 45.49, a PEG ratio of 2.22 and a beta of 1.29. The business has a 50 day simple moving average of $254.70 and a two-hundred day simple moving average of $270.73. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the company earned $1.63 EPS. The firm’s revenue was up 8.5% compared to the same quarter last year. As a group, analysts predict that Salesforce, Inc. will post 7.52 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 annualized dividend and a yield of 0.63%. 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.