Meeder Asset Management Inc. Cuts Stake in Salesforce, Inc. (NYSE:CRM)

Meeder Asset Management Inc. trimmed its position in shares of Salesforce, Inc. (NYSE:CRM) by 81.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 398 shares of the CRM provider’s stock after selling 1,716 shares during the quarter. Meeder Asset Management Inc.’s holdings in Salesforce were worth $102,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Ruedi Wealth Management Inc. raised its stake in shares of Salesforce by 186.7% during 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 in the last quarter. Piscataqua Savings Bank raised its position 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 acquiring an additional 96 shares in the last quarter. Red Tortoise LLC acquired a new stake in Salesforce in the first quarter valued at $33,000. Stephens Consulting LLC boosted its position 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 worth $33,000 after purchasing an additional 125 shares in the last quarter. Finally, Creekmur Asset Management LLC purchased a new position in shares of Salesforce in the 4th quarter valued at about $35,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Trading Up 0.5 %

CRM stock opened at $254.57 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The company has a market cap of $246.68 billion, a price-to-earnings ratio of 45.79, a PEG ratio of 2.26 and a beta of 1.29. The business has a fifty day simple moving average of $253.56 and a 200-day simple moving average of $268.14. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. The company 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 firm’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.63 earnings per share. On average, equities research analysts expect that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

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

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Evercore ISI restated an “outperform” rating and set a $300.00 target price on shares of Salesforce in a research report on Monday, August 26th. JPMorgan Chase & Co. raised their price objective on Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Canaccord Genuity Group lifted their price objective on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Erste Group Bank reissued a “hold” rating on shares of Salesforce in a report on Wednesday. Finally, Macquarie cut their price target on Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a research note on Friday, May 31st. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $304.41.

Insiders Place Their Bets

In other news, insider Parker Harris sold 5,600 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $250.17, for a total value of $1,400,952.00. Following the transaction, the insider now owns 116,693 shares of the company’s stock, valued at approximately $29,193,087.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Parker Harris sold 5,600 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $250.17, for a total transaction of $1,400,952.00. Following the sale, the insider now directly owns 116,693 shares in the company, valued at approximately $29,193,087.81. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Oscar Munoz purchased 2,051 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was bought at an average price of $243.69 per share, with a total value of $499,808.19. Following the acquisition, the director now owns 7,026 shares in the company, valued at $1,712,165.94. The disclosure for this purchase can be found here. Insiders sold a total of 62,376 shares of company stock worth $15,878,005 over the last ninety days. 3.20% of the stock is owned by company insiders.

Salesforce Company 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.