Salesforce, Inc. (NYSE:CRM) Shares Sold by Cullen Investment Group LTD.

Cullen Investment Group LTD. lessened its position in Salesforce, Inc. (NYSE:CRM) by 8.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 17,298 shares of the CRM provider’s stock after selling 1,700 shares during the quarter. Cullen Investment Group LTD.’s holdings in Salesforce were worth $4,735,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ruedi Wealth Management Inc. grew its holdings in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares in the last quarter. Piscataqua Savings Bank lifted its stake in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares in the last quarter. Red Tortoise LLC purchased a new stake in shares of Salesforce in the first quarter valued at approximately $33,000. Clear Investment Research LLC grew its position in shares of Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Salesforce during the second quarter worth approximately $33,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Performance

Shares of CRM stock traded up $6.84 during mid-day trading on Friday, hitting $287.75. 6,131,284 shares of the stock were exchanged, compared to its average volume of 6,543,515. The stock’s fifty day simple moving average is $258.53 and its two-hundred day simple moving average is $264.78. 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, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The stock has a market capitalization of $278.83 billion, a price-to-earnings ratio of 51.74, a P/E/G ratio of 2.39 and a beta of 1.30.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion during 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 firm’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 earned $1.63 earnings per share. On average, analysts forecast that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Dividend Announcement

The firm 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 0.56%. Salesforce’s payout ratio is 28.78%.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $252.75, for a total transaction of $1,061,550.00. Following the completion of the sale, the insider now owns 116,693 shares in the company, valued at $29,494,155.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction dated 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 directly owns 116,693 shares of the company’s stock, valued at $29,494,155.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 80,612 shares of company stock worth $21,133,273. Company insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CRM. BMO Capital Markets raised their target price on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Morgan Stanley increased their price target on shares of Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Citigroup lifted their price target on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Wells Fargo & Company increased their price objective on Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 29th. Finally, Stifel Nicolaus lifted their target price on Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $310.74.

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.