Alley Investment Management Company LLC Sells 60 Shares of Salesforce, Inc. (NYSE:CRM)

Alley Investment Management Company LLC trimmed its position in shares of Salesforce, Inc. (NYSE:CRM) by 2.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,003 shares of the CRM provider’s stock after selling 60 shares during the quarter. Alley Investment Management Company LLC’s holdings in Salesforce were worth $515,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CRM. Spartan Planning & Wealth Management grew its position 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 acquiring an additional 625 shares during the last quarter. Parnassus Investments LLC grew its holdings in shares of Salesforce by 0.3% during the fourth 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 during the last quarter. TD Asset Management Inc grew its holdings in shares of Salesforce by 32.6% during the fourth 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 during the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of Salesforce by 1.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock valued at $1,983,000 after buying an additional 95 shares in the last quarter. Finally, XN LP raised its holdings in shares of Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after buying an additional 90,616 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their price objective on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. JMP Securities reissued a “market outperform” rating and set a $342.00 price target on shares of Salesforce in a research note on Wednesday, August 28th. JPMorgan Chase & Co. boosted their price objective on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. FBN Securities raised Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a research note on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $307.73.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 5,600 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 116,693 shares of the company’s stock, valued at approximately $29,193,087.81. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Salesforce news, insider Parker Harris sold 5,600 shares of Salesforce 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 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 Securities & Exchange Commission, which can be accessed through this link. Also, COO Brian Millham sold 5,735 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $266.22, for a total transaction of $1,526,771.70. Following the transaction, the chief operating officer now owns 1,663 shares of the company’s stock, valued at $442,723.86. The disclosure for this sale can be found here. In the last quarter, insiders have sold 70,633 shares of company stock valued at $18,100,349. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

Shares of CRM stock opened at $270.44 on Wednesday. The company has a market capitalization of $258.54 billion, a P/E ratio of 48.64, a price-to-earnings-growth ratio of 2.39 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 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’s 50 day moving average price is $254.66 and its two-hundred day moving average price is $265.66.

Salesforce (NYSE:CRM) last posted its quarterly earnings data 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 business had revenue of $9.33 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 EPS. On average, analysts expect that Salesforce, Inc. will post 7.54 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be issued 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 dividend yield of 0.59%. Salesforce’s payout ratio is presently 28.78%.

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.