Envestnet Asset Management Inc. Increases Position in Salesforce, Inc. (NYSE:CRM)

Envestnet Asset Management Inc. increased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 7.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,706,289 shares of the CRM provider’s stock after acquiring an additional 112,690 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.18% of Salesforce worth $438,687,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CRM. Norges Bank bought a new stake in Salesforce in the fourth quarter worth about $2,762,331,000. Capital International Investors lifted its stake in Salesforce by 76.4% in the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after purchasing an additional 5,935,973 shares during the last quarter. Capital Research Global Investors grew its holdings in Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares during the period. GQG Partners LLC purchased a new stake in Salesforce in the 1st quarter worth about $910,220,000. Finally, Swedbank AB purchased a new position in shares of Salesforce in the first quarter worth about $874,748,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Trading Up 0.5 %

Salesforce stock opened at $254.57 on Friday. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The business’s fifty day moving average is $253.56 and its 200 day moving average is $268.14. 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 stock has a market capitalization of $246.68 billion, a PE ratio of 45.79, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating 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 firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the company earned $1.63 earnings per share. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts predict that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio is 28.78%.

Insiders Place Their Bets

In related news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $28,362,888.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Oscar Munoz acquired 2,051 shares of the stock in a transaction dated Friday, June 21st. The shares were purchased at an average cost of $243.69 per share, with a total value of $499,808.19. Following the transaction, the director now directly owns 7,026 shares in the company, valued at $1,712,165.94. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the sale, the insider now owns 117,581 shares in the company, valued at approximately $28,362,888.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 62,376 shares of company stock valued at $15,878,005. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CRM shares. Bank of America reaffirmed a “buy” rating and issued a $325.00 price objective on shares of Salesforce in a report on Friday, September 6th. Mizuho reduced their price target on Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft decreased their target price on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Piper Sandler upped their price objective on shares of Salesforce from $250.00 to $268.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $345.00 price target on shares of Salesforce in a research note on Friday, September 6th. Nine investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $304.41.

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.