Duff & Phelps Investment Management Co. Lowers Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Duff & Phelps Investment Management Co. reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 80.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,223 shares of the CRM provider’s stock after selling 8,993 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Salesforce were worth $572,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Ruedi Wealth Management Inc. boosted its position in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 56 shares during the last quarter. Piscataqua Savings Bank grew its stake in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the period. Red Tortoise LLC acquired a new stake in shares of Salesforce during the 1st quarter worth $33,000. Clear Investment Research LLC raised its position in shares of Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the period. Finally, Stephens Consulting LLC boosted its holdings in Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 125 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, Director Maynard G. Webb, Jr. sold 9,170 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the transaction, the director now owns 1,363 shares in the company, valued at approximately $376,624.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The disclosure for this sale can be found here. Insiders sold a total of 72,185 shares of company stock worth $18,708,571 in the last three months. 3.20% of the stock is owned by insiders.

Salesforce Stock Up 0.3 %

Shares of NYSE:CRM opened at $276.64 on Monday. The company’s fifty day moving average is $256.26 and its two-hundred day moving average is $265.02. 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 1-year low of $193.68 and a 1-year high of $318.71. The stock has a market capitalization of $268.06 billion, a price-to-earnings ratio of 49.76, a price-to-earnings-growth ratio of 2.39 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the business earned $1.63 earnings per share. Salesforce’s quarterly revenue was up 8.5% on a year-over-year basis. Equities analysts anticipate that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. Salesforce’s dividend payout ratio is currently 28.78%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Evercore ISI restated an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research note on Monday, August 26th. Stifel Nicolaus raised their price target on shares of Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Citigroup boosted their price objective on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. JPMorgan Chase & Co. raised their target price on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Finally, Oppenheimer upped their price target on shares of Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $308.03.

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.