Thrivent Financial for Lutherans Boosts Stock Position in Salesforce, Inc. (NYSE:CRM)

Thrivent Financial for Lutherans lifted its holdings in Salesforce, Inc. (NYSE:CRM) by 9.2% in the second quarter, HoldingsChannel reports. The firm owned 819,088 shares of the CRM provider’s stock after purchasing an additional 68,803 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Salesforce were worth $210,588,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRM. Ruedi Wealth Management Inc. grew its holdings in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares in the last quarter. Piscataqua Savings Bank lifted 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 buying an additional 96 shares during the last quarter. Clear Investment Research LLC lifted its position in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the last quarter. Red Tortoise LLC bought a new stake in Salesforce in the first quarter worth $33,000. Finally, Stephens Consulting LLC lifted its position in Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Srinivas Tallapragada sold 942 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the transaction, the insider now owns 22,154 shares in the company, valued at $5,368,357.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Srinivas Tallapragada sold 942 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the transaction, the insider now owns 22,154 shares in the company, valued at $5,368,357.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares in the company, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. Insiders have sold a total of 66,576 shares of company stock worth $16,957,573 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Stock Performance

Shares of Salesforce stock opened at $266.57 on Friday. The company has a market capitalization of $258.31 billion, a PE ratio of 47.94, a P/E/G ratio of 2.26 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50-day simple moving average of $254.14 and a two-hundred day simple moving average of $266.67. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.63 earnings per share. Research analysts expect that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.60%. Salesforce’s dividend payout ratio (DPR) is currently 28.78%.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of analyst reports. JMP Securities restated a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research report on Wednesday, August 28th. Barclays lowered their price target on Salesforce from $355.00 to $305.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Loop Capital restated a “hold” rating and issued a $270.00 price target on shares of Salesforce in a research report on Thursday. Canaccord Genuity Group lifted their target price on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Sanford C. Bernstein lifted their target price on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $306.00.

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.