Elite Wealth Management Inc. Has $4.93 Million Position in Salesforce, Inc. (NYSE:CRM)

Elite Wealth Management Inc. decreased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 19,157 shares of the CRM provider’s stock after selling 545 shares during the period. Salesforce accounts for about 0.2% of Elite Wealth Management Inc.’s holdings, making the stock its 18th largest position. Elite Wealth Management Inc.’s holdings in Salesforce were worth $4,925,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRM. Beaton Management Co. Inc. lifted its holdings in shares of Salesforce by 2.9% during the second quarter. Beaton Management Co. Inc. now owns 1,575 shares of the CRM provider’s stock valued at $405,000 after acquiring an additional 44 shares during the period. Waters Parkerson & CO. LLC grew its holdings in Salesforce by 17.5% during the 2nd quarter. Waters Parkerson & CO. LLC now owns 1,757 shares of the CRM provider’s stock worth $452,000 after acquiring an additional 262 shares during the period. Bridges Investment Management Inc. boosted its holdings in Salesforce by 263.7% during the second quarter. Bridges Investment Management Inc. now owns 4,714 shares of the CRM provider’s stock worth $1,212,000 after buying an additional 3,418 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Salesforce by 54.3% during the second quarter. Canada Pension Plan Investment Board now owns 1,912,075 shares of the CRM provider’s stock worth $491,594,000 after purchasing an additional 672,979 shares in the last quarter. Finally, Davidson Capital Management Inc. grew its stake in Salesforce by 62.9% in the second quarter. Davidson Capital Management Inc. now owns 13,156 shares of the CRM provider’s stock valued at $3,382,000 after acquiring an additional 5,079 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Up 5.3 %

Shares of CRM stock opened at $265.87 on Friday. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The firm has a market capitalization of $257.63 billion, a PE ratio of 47.82, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. The stock has a fifty day moving average of $253.90 and a two-hundred day moving average of $267.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share 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 analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.63 EPS. As a group, research analysts expect that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be issued a $0.40 dividend. 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 0.60%. Salesforce’s payout ratio is presently 28.78%.

Insider Activity

In other news, insider Srinivas Tallapragada sold 942 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the sale, the insider now owns 22,154 shares in the company, valued at approximately $5,368,357.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Srinivas Tallapragada sold 942 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $228,265.44. Following the sale, the insider now directly owns 22,154 shares of the company’s stock, valued at approximately $5,368,357.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Brian Millham sold 1,678 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $406,612.96. Following the completion of the sale, the chief operating officer now owns 1,662 shares of the company’s stock, valued at approximately $402,735.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,576 shares of company stock worth $16,957,573. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the subject of a number of research analyst reports. Sanford C. Bernstein lifted their price objective on shares of Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Jefferies Financial Group dropped their price target on Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Canaccord Genuity Group boosted their target price 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 reiterated a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research report on Wednesday, August 28th. Finally, Erste Group Bank reiterated a “hold” rating on shares of Salesforce in a research report on Wednesday, September 11th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $306.00.

Salesforce 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.