Edgestream Partners L.P. Lowers Stake in Salesforce, Inc. (NYSE:CRM)

Edgestream Partners L.P. cut its position in shares of Salesforce, Inc. (NYSE:CRM) by 85.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,398 shares of the CRM provider’s stock after selling 7,969 shares during the quarter. Edgestream Partners L.P.’s holdings in Salesforce were worth $359,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Spartan Planning & Wealth Management grew its holdings in shares of Salesforce by 66.3% during the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after buying an additional 625 shares in the last quarter. Parnassus Investments LLC boosted its position in shares of Salesforce by 0.3% in the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after acquiring an additional 18,397 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Salesforce by 32.6% in the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after acquiring an additional 194,224 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of Salesforce by 1.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock worth $1,983,000 after acquiring an additional 95 shares during the last quarter. Finally, M&G Plc acquired a new stake in shares of Salesforce in the first quarter worth approximately $2,178,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRM has been the topic of several research analyst reports. Piper Sandler raised their target price on shares of Salesforce from $250.00 to $268.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Barclays decreased their target price on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Mizuho decreased their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Canaccord Genuity Group raised their target price on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Citigroup lifted their price target on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $306.00.

Salesforce Stock Up 0.3 %

CRM stock opened at $266.80 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The firm has a fifty day moving average price of $254.14 and a two-hundred day moving average price of $266.18. The firm has a market cap of $258.53 billion, a price-to-earnings ratio of 47.99, a PEG ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the firm earned $1.63 earnings per share. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Research analysts predict that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.60%. Salesforce’s payout ratio is 28.78%.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total transaction of $1,079,568.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at $30,223,020.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total transaction of $1,079,568.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,223,020.24. The disclosure for this sale can be found here. Insiders sold a total of 63,891 shares of company stock worth $16,306,944 over the last 90 days. Insiders own 3.20% of the company’s stock.

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.