Hemington Wealth Management Makes New Investment in Salesforce, Inc. (NYSE:CRM)

Hemington Wealth Management bought a new position in shares of Salesforce, Inc. (NYSE:CRM) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 696 shares of the CRM provider’s stock, valued at approximately $210,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Marks Group Wealth Management Inc lifted its position in Salesforce by 0.7% during the 4th quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after acquiring an additional 257 shares during the last quarter. Spartan Planning & Wealth Management raised its position 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 valued at $412,000 after buying an additional 625 shares during the last quarter. Roman Butler Fullerton & Co. raised its position in shares of Salesforce by 1.4% during the fourth quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock valued at $2,206,000 after buying an additional 105 shares during the last quarter. Parnassus Investments LLC raised its position in shares of Salesforce by 0.3% during the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock valued at $1,566,055,000 after buying an additional 18,397 shares during the last quarter. Finally, TD Asset Management Inc raised its position in shares of Salesforce by 32.6% during the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock valued at $207,756,000 after buying an additional 194,224 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Down 0.5 %

NYSE CRM traded down $1.38 during trading hours on Thursday, hitting $251.21. The company’s stock had a trading volume of 5,341,963 shares, compared to its average volume of 6,942,691. The stock has a fifty day moving average of $257.24 and a 200 day moving average of $276.07. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The firm has a market capitalization of $243.42 billion, a P/E ratio of 45.44, a PEG ratio of 2.26 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The business had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same period in the prior year, the business posted $1.15 earnings per share. Salesforce’s revenue was up 10.7% compared to the same quarter last year. Equities research analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Tuesday, July 9th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, July 9th. This represents a $1.60 annualized dividend and a yield of 0.64%. Salesforce’s dividend payout ratio is currently 28.78%.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $252.75, for a total value of $1,061,550.00. Following the sale, the insider now directly owns 116,693 shares in the company, valued at $29,494,155.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at $1,599,566.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $252.75, for a total transaction of $1,061,550.00. Following the completion of the sale, the insider now owns 116,693 shares in the company, valued at $29,494,155.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 454,152 shares of company stock worth $122,552,011. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on CRM. UBS Group cut their price objective on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Canaccord Genuity Group cut their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. JMP Securities reaffirmed a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a research report on Monday, April 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $350.00 target price on shares of Salesforce in a research note on Friday, May 24th. Finally, Wells Fargo & Company lowered their target price on shares of Salesforce from $300.00 to $250.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $292.79.

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.