Doheny Asset Management CA Makes New $1.80 Million Investment in Salesforce, Inc. (NYSE:CRM)

Doheny Asset Management CA purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,998 shares of the CRM provider’s stock, valued at approximately $1,799,000.

Other institutional investors also recently modified their holdings of the company. Capital International Investors grew its stake in shares of Salesforce by 76.4% in the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after acquiring an additional 5,935,973 shares during the period. Capital Research Global Investors lifted its holdings in Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after acquiring an additional 3,044,611 shares during the period. GQG Partners LLC purchased a new position in Salesforce in the first quarter worth about $910,220,000. Swedbank AB purchased a new position in shares of Salesforce in the first quarter worth approximately $874,748,000. Finally, Coatue Management LLC bought a new stake in Salesforce during the fourth quarter valued at approximately $564,188,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Trading Up 0.3 %

CRM opened at $276.64 on Friday. Salesforce, Inc. has a one year low of $193.68 and a one year 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 stock has a market cap of $268.06 billion, a price-to-earnings ratio of 49.76, a P/E/G ratio of 2.39 and a beta of 1.29. The stock’s 50 day moving average price is $256.26 and its 200-day moving average price is $265.30.

Salesforce (NYSE:CRM) last posted its quarterly 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. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the firm posted $1.63 earnings per share. The company’s revenue was up 8.5% on a year-over-year basis. On average, equities analysts forecast that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be given a $0.40 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.58%. Salesforce’s payout ratio is presently 28.78%.

Insider Activity

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $252.75, for a total value of $1,061,550.00. Following the completion of the transaction, the insider now directly owns 116,693 shares of the company’s stock, valued at approximately $29,494,155.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $252.75, for a total transaction of $1,061,550.00. Following the completion of the transaction, the insider now owns 116,693 shares in the company, valued at approximately $29,494,155.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the sale, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,185 shares of company stock worth $18,708,571. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRM. Morgan Stanley boosted their price objective 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. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price target on shares of Salesforce in a report on Friday, September 20th. Oppenheimer increased their price objective on shares of Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. TD Cowen raised their price target on Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Finally, JMP Securities reissued a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a report on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $308.03.

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.