Balboa Wealth Partners Sells 248 Shares of Salesforce Inc. (NYSE:CRM)

Balboa Wealth Partners lowered its position in shares of Salesforce Inc. (NYSE:CRM) by 14.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,485 shares of the CRM provider’s stock after selling 248 shares during the quarter. Balboa Wealth Partners’ holdings in Salesforce were worth $399,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Bernard Wealth Management Corp. bought a new position in shares of Salesforce in the fourth quarter worth $25,000. Accredited Wealth Management LLC purchased a new position in shares of Salesforce in the fourth quarter worth $27,000. Halbert Hargrove Global Advisors LLC purchased a new stake in Salesforce in the 4th quarter worth approximately $35,000. Wood Tarver Financial Group LLC bought a new stake in Salesforce during the 4th quarter valued at approximately $35,000. Finally, VSM Wealth Advisory LLC purchased a new stake in Salesforce in the fourth quarter worth about $45,000. Institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Piper Sandler raised their target price on shares of Salesforce from $315.00 to $335.00 and gave the stock an “overweight” rating in a report on Wednesday, May 28th. Wells Fargo & Company increased their price objective on shares of Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a report on Thursday, May 29th. Jefferies Financial Group decreased their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Citigroup lowered their price objective on Salesforce from $320.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 30th. Finally, Morgan Stanley reissued an “overweight” rating and set a $404.00 target price (up previously from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $349.08.

Insider Buying and Selling

In other Salesforce news, CEO Brian Millham sold 979 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total value of $248,333.14. Following the completion of the transaction, the chief executive officer now directly owns 6,487 shares of the company’s stock, valued at approximately $1,645,492.42. The trade was a 13.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider R David Schmaier sold 6,959 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the sale, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. The trade was a 16.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,992 shares of company stock valued at $6,704,198 over the last 90 days. Insiders own 3.20% of the company’s stock.

Salesforce Stock Up 1.0%

NYSE:CRM opened at $263.14 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a twelve month low of $230.00 and a twelve month high of $369.00. The company has a market cap of $251.56 billion, a PE ratio of 41.18, a P/E/G ratio of 2.36 and a beta of 1.38. The company’s 50 day moving average is $268.69 and its two-hundred day moving average is $296.11.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same period in the previous year, the company earned $2.44 earnings per share. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. Analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a $0.416 dividend. This represents a $1.66 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce’s dividend payout ratio (DPR) is currently 25.98%.

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.