Salesforce, Inc. (NYSE:CRM) Stock Position Lessened by Ithaka Group LLC

Ithaka Group LLC lessened its position in Salesforce, Inc. (NYSE:CRM) by 2.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 76,711 shares of the CRM provider’s stock after selling 2,253 shares during the quarter. Salesforce makes up 3.6% of Ithaka Group LLC’s investment portfolio, making the stock its 9th largest holding. Ithaka Group LLC’s holdings in Salesforce were worth $19,722,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Spartan Planning & Wealth Management grew its stake in Salesforce by 66.3% during the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after purchasing an additional 625 shares in the last quarter. Parnassus Investments LLC grew its stake in Salesforce by 0.3% during the 4th quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after purchasing an additional 18,397 shares in the last quarter. TD Asset Management Inc grew its stake in Salesforce by 32.6% during the 4th quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after purchasing an additional 194,224 shares in the last quarter. Chicago Partners Investment Group LLC grew its stake in Salesforce by 1.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock worth $1,983,000 after purchasing an additional 95 shares in the last quarter. Finally, M&G Plc acquired a new position in Salesforce during the 1st quarter worth $2,178,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Salesforce stock opened at $254.57 on Monday. The firm has a market capitalization of $246.68 billion, a P/E ratio of 45.79, a PEG ratio of 2.26 and a beta of 1.29. The stock has a fifty day moving average price of $253.56 and a 200 day moving average price of $267.91. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. 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 (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.63 earnings per share. Equities research analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

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

Insiders Place Their Bets

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares in the company, valued at $13,072,660.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Parker Harris sold 2,800 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at $28,362,888.82. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the sale, the chief financial officer now owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. Insiders sold 62,376 shares of company stock worth $15,878,005 over the last three months. 3.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CRM. Needham & Company LLC reissued a “buy” rating and set a $345.00 target price on shares of Salesforce in a research note on Friday, September 6th. Loop Capital boosted their target price on Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Citigroup boosted their target price on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Evercore ISI reissued an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a report on Monday, August 26th. Finally, TD Cowen boosted their target price on Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $305.55.

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.