Great Lakes Advisors LLC Has $9.56 Million Holdings in Salesforce, Inc. (NYSE:CRM)

Great Lakes Advisors LLC decreased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 29.3% in the 2nd quarter, Holdings Channel reports. The fund owned 37,167 shares of the CRM provider’s stock after selling 15,393 shares during the period. Great Lakes Advisors LLC’s holdings in Salesforce were worth $9,556,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Ruedi Wealth Management Inc. boosted its position in 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 buying an additional 56 shares in the last quarter. Piscataqua Savings Bank boosted its holdings in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares in the last quarter. Red Tortoise LLC bought a new stake in Salesforce during the 1st quarter worth $33,000. Stephens Consulting LLC increased its holdings in Salesforce by 3,125.0% in 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 acquired a new position in Salesforce in the 4th quarter worth about $35,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of CRM stock opened at $243.97 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The firm has a fifty day simple moving average of $254.52 and a two-hundred day simple moving average of $269.68. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The firm has a market capitalization of $236.41 billion, a PE ratio of 43.88, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29.

Salesforce (NYSE:CRM) last posted its 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. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the firm posted $1.63 earnings per share. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. Analysts forecast that Salesforce, Inc. will post 7.52 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently announced 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. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. Salesforce’s payout ratio is 28.78%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRM. Bank of America restated a “buy” rating and set a $325.00 price target on shares of Salesforce in a report on Friday. Morgan Stanley upped their price target on shares of Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. raised their price target on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Sanford C. Bernstein boosted their price objective on shares of Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 target price on shares of Salesforce in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $304.41.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction on 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 directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $241.74, for a total transaction of $3,626,100.00. Following the completion of the sale, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at approximately $2,940,152,355.18. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the sale, the chief financial officer now owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 83,692 shares of company stock worth $21,006,957. 3.20% of the stock is owned by corporate insiders.

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.