PGGM Investments Sells 2,971 Shares of Salesforce, Inc. (NYSE:CRM)

PGGM Investments lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 7.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,402 shares of the CRM provider’s stock after selling 2,971 shares during the period. PGGM Investments’ holdings in Salesforce were worth $10,130,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bear Mountain Capital Inc. purchased a new position in shares of Salesforce during the fourth quarter worth approximately $26,000. Signature Resources Capital Management LLC purchased a new stake in Salesforce during the fourth quarter valued at about $26,000. Ruedi Wealth Management Inc. grew its stake in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the last quarter. Piscataqua Savings Bank increased its holdings in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares during the period. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Salesforce in the 4th quarter valued at about $31,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Price Performance

Shares of NYSE:CRM traded up $0.69 during midday trading on Wednesday, reaching $255.29. 4,145,076 shares of the company’s stock traded hands, compared to its average volume of 6,643,934. The company has a fifty day simple moving average of $248.65 and a two-hundred day simple moving average of $273.27. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a market cap of $247.38 billion, a P/E ratio of 45.92, a PEG ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

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, 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 the consensus estimate of $9.15 billion. During the same period last year, the firm posted $1.15 earnings per share. The company’s revenue was up 10.7% compared to the same quarter last year. Equities analysts predict that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th were given a $0.40 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 0.63%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Analyst Upgrades and Downgrades

CRM has been the subject of several recent research reports. BMO Capital Markets lowered their price objective on Salesforce from $335.00 to $265.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. Wolfe Research reissued an “outperform” rating and set a $365.00 price target on shares of Salesforce in a research report on Tuesday, April 16th. Morgan Stanley decreased their price objective on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $350.00 target price on shares of Salesforce in a report on Friday, May 24th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Transactions at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 897 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 $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares in the company, valued at approximately $13,072,660.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the sale, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The disclosure for this sale can be found here. Insiders have sold 202,136 shares of company stock valued at $52,228,109 over the last ninety 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.