Congress Park Capital LLC Has $914,000 Stake in Salesforce, Inc. (NYSE:CRM)

Congress Park Capital LLC reduced its position in Salesforce, Inc. (NYSE:CRM) by 14.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,035 shares of the CRM provider’s stock after selling 495 shares during the period. Congress Park Capital LLC’s holdings in Salesforce were worth $914,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bear Mountain Capital Inc. bought a new stake in shares of Salesforce in the fourth quarter valued at about $26,000. Signature Resources Capital Management LLC bought a new stake in shares of Salesforce in the fourth quarter valued at approximately $26,000. Kathleen S. Wright Associates Inc. bought a new stake in Salesforce during the fourth quarter worth $31,000. Pacifica Partners Inc. lifted its stake in Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Finally, BKM Wealth Management LLC bought a new position in shares of Salesforce in the 4th quarter valued at $34,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Price Performance

CRM stock traded up $5.63 during trading on Friday, hitting $258.48. The stock had a trading volume of 5,296,845 shares, compared to its average volume of 6,925,333. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The stock has a market capitalization of $250.47 billion, a P/E ratio of 46.43, a PEG ratio of 2.13 and a beta of 1.25. The company’s 50-day moving average price is $260.43 and its two-hundred day moving average price is $276.33.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The business had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the previous year, the firm posted $1.15 EPS. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, research analysts predict that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.62%. Salesforce’s dividend payout ratio is currently 7.19%.

Insider Transactions at Salesforce

In other news, insider Srinivas Tallapragada sold 942 shares of Salesforce stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $242.32, for a total transaction of $228,265.44. Following the sale, the insider now owns 22,154 shares in the company, valued at $5,368,357.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Salesforce news, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the transaction, the insider now directly owns 22,154 shares in the company, valued at approximately $5,368,357.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Brian Millham sold 24,453 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $302.08, for a total value of $7,386,762.24. The disclosure for this sale can be found here. Insiders sold a total of 541,787 shares of company stock worth $149,773,683 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Argus boosted their price target on shares of Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. StockNews.com lowered Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Citigroup reduced their price target on Salesforce from $323.00 to $260.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. Wedbush lowered their target price on Salesforce from $325.00 to $315.00 and set an “outperform” rating for the company in a research note on Wednesday, May 29th. Finally, Raymond James reissued a “strong-buy” rating and issued a $325.00 target price (down previously from $380.00) on shares of Salesforce in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average target price of $292.79.

About Salesforce

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.