Crowley Wealth Management Inc. Trims Holdings in Salesforce, Inc. (NYSE:CRM)

Crowley Wealth Management Inc. trimmed its position in Salesforce, Inc. (NYSE:CRM) by 50.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 100 shares of the CRM provider’s stock after selling 100 shares during the period. Crowley Wealth Management Inc.’s holdings in Salesforce were worth $27,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of Salesforce by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider’s stock valued at $6,656,078,000 after acquiring an additional 175,035 shares during the last quarter. Fisher Asset Management LLC increased its position in Salesforce by 1.4% during the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock worth $4,163,703,000 after purchasing an additional 177,321 shares in the last quarter. Northern Trust Corp increased its position in Salesforce by 18.3% during the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock worth $3,752,830,000 after purchasing an additional 1,736,667 shares in the last quarter. Norges Bank acquired a new stake in Salesforce during the 4th quarter worth approximately $3,599,867,000. Finally, Price T Rowe Associates Inc. MD increased its position in Salesforce by 23.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider’s stock worth $2,988,422,000 after purchasing an additional 1,683,233 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Price Performance

Shares of CRM stock opened at $266.56 on Friday. The stock’s fifty day moving average is $267.80 and its 200-day moving average is $300.72. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $254.83 billion, a PE ratio of 43.84, a PEG ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 52 week low of $227.77 and a 52 week high of $369.00.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to analysts’ expectations of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.44 earnings per share. Equities research analysts expect that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be given a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce’s dividend payout ratio is currently 25.98%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Stifel Nicolaus dropped their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Mizuho lowered their price objective on shares of Salesforce from $425.00 to $380.00 and set an “outperform” rating for the company in a research report on Thursday, May 15th. Jefferies Financial Group lowered their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Robert W. Baird lowered their price objective on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Finally, Canaccord Genuity Group lowered their price objective on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $346.34.

Insider Transactions at Salesforce

In related news, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the sale, the insider now owns 9,323 shares of the company’s stock, valued at approximately $2,605,219.12. This trade represents a 7.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the sale, the chief accounting officer now directly owns 11,310 shares in the company, valued at approximately $3,218,599.80. This represents a 14.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 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 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.