Salesforce, Inc. (NYSE:CRM) Stock Holdings Raised by Everest Management Corp.

Everest Management Corp. lifted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 74.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 3,897 shares of the CRM provider’s stock after buying an additional 1,667 shares during the quarter. Salesforce accounts for about 1.0% of Everest Management Corp.’s holdings, making the stock its 20th biggest holding. Everest Management Corp.’s holdings in Salesforce were worth $1,046,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce during the 4th quarter valued at about $25,000. Accredited Wealth Management LLC bought a new stake in shares of Salesforce during the fourth quarter valued at about $27,000. Arlington Trust Co LLC increased its stake in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after buying an additional 40 shares during the period. Compass Financial Services Inc bought a new stake in shares of Salesforce during the 4th quarter worth about $30,000. Finally, Asset Planning Inc acquired a new stake in shares of Salesforce in the 4th quarter worth approximately $31,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Brian Millham sold 3,937 shares of Salesforce stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $1,120,391.46. Following the completion of the sale, the chief executive officer now directly owns 5,518 shares of the company’s stock, valued at $1,570,312.44. The trade was a 41.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total value of $1,725,518.77. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at $12,967,047.50. The trade was a 11.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,332 shares of company stock valued at $11,024,802 over the last 90 days. 3.20% of the stock is owned by company insiders.

Salesforce Stock Performance

Salesforce stock opened at $274.48 on Monday. The firm has a market capitalization of $262.40 billion, a P/E ratio of 45.14, a P/E/G ratio of 2.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a fifty day moving average price of $266.57 and a two-hundred day moving average price of $302.19. Salesforce, Inc. has a 52-week low of $227.77 and a 52-week high of $369.00.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter in the previous year, the company posted $2.44 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, analysts anticipate that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.61%. Salesforce’s payout ratio is 25.98%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. BMO Capital Markets decreased their price target on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a research note on Tuesday, May 27th. Royal Bank of Canada lowered Salesforce from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $420.00 to $275.00 in a report on Thursday, May 29th. Piper Sandler upped their price target on shares of Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a report on Wednesday, May 28th. Barclays reduced their price objective on shares of Salesforce from $425.00 to $347.00 and set an “overweight” rating for the company in a research report on Thursday, May 29th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $404.00 target price (up from $393.00) on shares of Salesforce in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $346.34.

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.