Envestnet Portfolio Solutions Inc. Acquires 9,941 Shares of Salesforce, Inc. (NYSE:CRM)

Envestnet Portfolio Solutions Inc. raised its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 21.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,819 shares of the CRM provider’s stock after purchasing an additional 9,941 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Salesforce were worth $16,811,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Graypoint LLC raised its position in Salesforce by 0.3% during the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock valued at $2,764,000 after purchasing an additional 36 shares during the period. Chase Investment Counsel Corp grew its stake in shares of Salesforce by 0.3% during the fourth quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock valued at $2,730,000 after buying an additional 36 shares during the last quarter. JFS Wealth Advisors LLC grew its stake in shares of Salesforce by 11.4% during the fourth quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock valued at $93,000 after buying an additional 36 shares during the last quarter. Opes Wealth Management LLC grew its stake in shares of Salesforce by 2.9% during the fourth quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after buying an additional 37 shares during the last quarter. Finally, Prentice Wealth Management LLC grew its stake in shares of Salesforce by 1.7% during the fourth quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after buying an additional 38 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Truist Financial reaffirmed a “buy” rating and set a $300.00 target price (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. JMP Securities reissued a “market outperform” rating and issued a $342.00 price objective on shares of Salesforce in a research note on Monday, April 15th. Wolfe Research reissued an “outperform” rating and issued a $365.00 price objective on shares of Salesforce in a research note on Tuesday, April 16th. Raymond James reissued a “strong-buy” rating and issued a $325.00 price objective (down previously from $380.00) on shares of Salesforce in a research note on Thursday, May 30th. Finally, Canaccord Genuity Group dropped their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Salesforce Trading Up 1.2 %

CRM stock opened at $254.16 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The stock has a market cap of $246.28 billion, a price-to-earnings ratio of 45.71, a PEG ratio of 2.20 and a beta of 1.29. The business’s 50-day moving average is $256.43 and its 200 day moving average is $275.81.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) 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 company 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. Salesforce’s revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company 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. This represents a $1.60 annualized dividend and a yield of 0.63%. The ex-dividend date is Tuesday, July 9th. Salesforce’s payout ratio is 28.78%.

Insider Buying and Selling

In other Salesforce news, Director G Mason Morfit bought 428,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were acquired at an average cost of $233.17 per share, with a total value of $99,796,760.00. Following the purchase, the director now directly owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other Salesforce news, Director G Mason Morfit bought 428,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were acquired at an average cost of $233.17 per share, with a total value of $99,796,760.00. Following the purchase, the director now directly owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $278.06, for a total transaction of $4,170,900.00. Following the sale, the chief executive officer now directly owns 12,913,721 shares in the company, valued at approximately $3,590,789,261.26. The disclosure for this sale can be found here. In the last three months, insiders have sold 439,152 shares of company stock worth $118,115,911. Insiders own 3.20% of the company’s stock.

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.