Cornerstone Wealth Management LLC Purchases 370 Shares of Salesforce Inc. (NYSE:CRM)

Cornerstone Wealth Management LLC increased its position in Salesforce Inc. (NYSE:CRM) by 9.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,211 shares of the CRM provider’s stock after buying an additional 370 shares during the period. Cornerstone Wealth Management LLC’s holdings in Salesforce were worth $1,130,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC boosted its holdings in Salesforce by 4.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after buying an additional 31 shares in the last quarter. Prossimo Advisors LLC increased its stake in shares of Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock valued at $1,125,000 after purchasing an additional 32 shares in the last quarter. Mainstream Capital Management LLC raised its holdings in Salesforce by 0.5% in the 4th quarter. Mainstream Capital Management LLC now owns 6,409 shares of the CRM provider’s stock worth $2,143,000 after purchasing an additional 33 shares during the period. Citizens National Bank Trust Department boosted its position in Salesforce by 1.9% during the fourth quarter. Citizens National Bank Trust Department now owns 1,924 shares of the CRM provider’s stock worth $643,000 after purchasing an additional 35 shares in the last quarter. Finally, Delap Wealth Advisory LLC raised its stake in shares of Salesforce by 2.7% during the 4th quarter. Delap Wealth Advisory LLC now owns 1,336 shares of the CRM provider’s stock worth $447,000 after buying an additional 35 shares during the period. 80.43% of the stock is owned by institutional investors.

Salesforce Stock Performance

Shares of Salesforce stock opened at $258.98 on Thursday. The stock has a market capitalization of $247.59 billion, a price-to-earnings ratio of 40.53, a PEG ratio of 2.38 and a beta of 1.38. The firm’s fifty day simple moving average is $268.31 and its 200-day simple moving average is $298.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. Salesforce Inc. has a 12 month low of $230.00 and a 12 month high of $369.00.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.03. The firm had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business’s revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the company posted $2.44 earnings per share. As a group, equities analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce’s payout ratio is currently 25.98%.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 1,909 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares in the company, valued at approximately $3,218,599.80. This trade represents a 14.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Parker Harris sold 3,273 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $931,430.34. Following the transaction, the insider now directly owns 125,146 shares of the company’s stock, valued at $35,614,048.68. This represents a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,111 shares of company stock worth $9,299,283 over the last 90 days. 3.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CRM has been the topic of several research analyst reports. Jefferies Financial Group dropped their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Morgan Stanley reiterated an “overweight” rating and set a $404.00 price target (up from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Redburn Atlantic started coverage on shares of Salesforce in a research note on Wednesday, February 19th. They set a “buy” rating on the stock. Oppenheimer reissued an “outperform” rating and issued a $370.00 price target on shares of Salesforce in a research note on Tuesday, June 10th. Finally, The Goldman Sachs Group increased their price objective on shares of Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $346.34.

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.