AMI Asset Management Corp Sells 38,047 Shares of Salesforce Inc. (NYSE:CRM)

AMI Asset Management Corp reduced its position in Salesforce Inc. (NYSE:CRM) by 16.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 192,003 shares of the CRM provider’s stock after selling 38,047 shares during the period. Salesforce makes up 3.0% of AMI Asset Management Corp’s investment portfolio, making the stock its 12th largest holding. AMI Asset Management Corp’s holdings in Salesforce were worth $51,526,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRM. Athena Investment Management bought a new position in Salesforce during the 4th quarter valued at $236,000. Jag Capital Management LLC increased its holdings in Salesforce by 2,507.9% in the 4th quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider’s stock worth $7,926,000 after acquiring an additional 22,797 shares during the last quarter. Atlantic Union Bankshares Corp increased its holdings in Salesforce by 2.7% in the 4th quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider’s stock worth $9,146,000 after acquiring an additional 723 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in Salesforce in the 4th quarter worth about $823,000. Finally, Heartland Bank & Trust Co lifted its holdings in shares of Salesforce by 117.2% in the first quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider’s stock worth $1,605,000 after buying an additional 3,227 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Trading Down 1.1%

Shares of NYSE:CRM opened at $268.11 on Thursday. The company has a market cap of $256.31 billion, a P/E ratio of 41.96, a PEG ratio of 2.46 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The stock’s fifty day moving average price is $269.39 and its 200-day moving average price is $295.75.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $9.74 billion. During the same period in the previous year, the business posted $2.44 earnings per share. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. Sell-side analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

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

Analyst Ratings Changes

A number of brokerages recently issued reports on CRM. Guggenheim upgraded Salesforce from a “sell” rating to a “neutral” rating in a research report on Monday, April 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $400.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Cantor Fitzgerald restated an “overweight” rating and set a $325.00 price target on shares of Salesforce in a research report on Friday, June 20th. Robert W. Baird decreased their price target on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group lifted their price objective on Salesforce from $340.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $349.08.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider R David Schmaier sold 6,959 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the completion of the transaction, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. This represents a 16.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the sale, the insider now directly owns 41,422 shares in the company, valued at $12,219,490. This trade represents a 13.92% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,284 shares of company stock valued at $6,996,762. 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.