Cornerstone Wealth Management LLC Sells 111 Shares of Salesforce, Inc. (NYSE:CRM)

Cornerstone Wealth Management LLC lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 4,602 shares of the CRM provider’s stock after selling 111 shares during the period. Cornerstone Wealth Management LLC’s holdings in Salesforce were worth $1,386,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRM. Bear Mountain Capital Inc. bought a new stake in shares of Salesforce during the fourth quarter worth $26,000. Signature Resources Capital Management LLC bought a new stake in shares of Salesforce during the fourth quarter worth $26,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Salesforce during the fourth quarter worth $31,000. Pacifica Partners Inc. grew its stake in shares of Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Finally, Red Tortoise LLC bought a new stake in shares of Salesforce in the first quarter worth $33,000. Institutional investors own 80.43% of the company’s stock.

Insider Activity

In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $302.03, for a total value of $4,530,450.00. Following the completion of the transaction, the chief executive officer now directly owns 12,936,166 shares of the company’s stock, valued at $3,907,110,216.98. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $302.03, for a total value of $4,530,450.00. Following the completion of the transaction, the chief executive officer now directly owns 12,936,166 shares of the company’s stock, valued at $3,907,110,216.98. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 5,864 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $274.77, for a total value of $1,611,251.28. Following the completion of the transaction, the chief financial officer now directly owns 45,231 shares of the company’s stock, valued at $12,428,121.87. The disclosure for this sale can be found here. Insiders sold a total of 484,152 shares of company stock valued at $131,779,561 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Evercore ISI reduced their price objective on shares of Salesforce from $330.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Oppenheimer reduced their price objective 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. Royal Bank of Canada reissued an “outperform” rating and issued a $350.00 price objective on shares of Salesforce in a research note on Friday, May 24th. Wolfe Research reissued an “outperform” rating and issued a $365.00 price objective on shares of Salesforce in a research note on Tuesday, April 16th. Finally, UBS Group reduced their price objective on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $292.79.

Salesforce Stock Performance

Shares of Salesforce stock opened at $260.95 on Friday. The company has a market cap of $252.86 billion, a PE ratio of 46.93, a price-to-earnings-growth ratio of 2.29 and a beta of 1.29. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The business has a 50 day moving average price of $258.48 and a 200-day moving average price of $276.21. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping the consensus estimate of $2.38 by $0.06. The firm 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 company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.15 earnings per share. Equities analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend is Tuesday, July 9th. Salesforce’s dividend payout ratio is presently 7.19%.

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.