Connective Capital Management LLC Invests $1.28 Million in Salesforce, Inc. (NYSE:CRM)

Connective Capital Management LLC bought a new stake in shares of Salesforce, Inc. (NYSE:CRM) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 4,970 shares of the CRM provider’s stock, valued at approximately $1,278,000. Salesforce makes up approximately 2.3% of Connective Capital Management LLC’s investment portfolio, making the stock its 14th largest position.

Several other large investors have also recently made changes to their positions in the stock. Fox Hill Wealth Management lifted its holdings in shares of Salesforce by 4.0% during the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after buying an additional 38 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its position in shares of Salesforce by 0.8% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after buying an additional 38 shares during the last quarter. Blue Barn Wealth LLC grew its position in Salesforce by 1.8% during the first quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock worth $665,000 after buying an additional 39 shares in the last quarter. Catalyst Financial Partners LLC increased its stake in Salesforce by 0.8% during the second quarter. Catalyst Financial Partners LLC now owns 4,876 shares of the CRM provider’s stock valued at $1,254,000 after acquiring an additional 39 shares during the period. Finally, DSC Advisors L.P. raised its holdings in Salesforce by 3.1% in the 2nd quarter. DSC Advisors L.P. now owns 1,302 shares of the CRM provider’s stock valued at $335,000 after acquiring an additional 39 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Stock Performance

Shares of Salesforce stock opened at $276.64 on Monday. The company has a 50 day moving average of $256.26 and a 200-day moving average of $265.02. The company has a market cap of $268.06 billion, a PE ratio of 49.76, a price-to-earnings-growth ratio of 2.39 and a beta of 1.29. 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, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion for 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 company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.63 EPS. As a group, equities research analysts forecast that Salesforce, Inc. will post 7.54 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio is 28.78%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRM. Loop Capital restated a “hold” rating and issued a $270.00 target price on shares of Salesforce in a research note on Thursday, September 19th. JMP Securities reissued a “market outperform” rating and issued a $342.00 target price on shares of Salesforce in a research note on Wednesday, August 28th. Oppenheimer increased their price target on shares of Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Citigroup upped their price objective on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Finally, Wedbush raised their target price on Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a research report on Friday. Eight investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $308.03.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at $28,362,888.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. The disclosure for this sale can be found here. Insiders sold a total of 72,185 shares of company stock valued at $18,708,571 in the last quarter. Insiders own 3.20% of the company’s stock.

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.