Wrapmanager Inc. Acquires 99 Shares of Salesforce, Inc. (NYSE:CRM)

Wrapmanager Inc. lifted its stake in Salesforce, Inc. (NYSE:CRM) by 1.3% in the second quarter, Holdings Channel.com reports. The fund owned 7,470 shares of the CRM provider’s stock after purchasing an additional 99 shares during the period. Wrapmanager Inc.’s holdings in Salesforce were worth $1,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Gilbert & Cook Inc. grew its holdings in Salesforce by 6.9% during the 4th quarter. Gilbert & Cook Inc. now owns 5,659 shares of the CRM provider’s stock valued at $1,489,000 after buying an additional 366 shares in the last quarter. Aveo Capital Partners LLC increased its holdings in Salesforce by 44.7% during the 4th quarter. Aveo Capital Partners LLC now owns 1,605 shares of the CRM provider’s stock worth $422,000 after acquiring an additional 496 shares during the period. 9258 Wealth Management LLC lifted its stake in Salesforce by 24.0% in the 4th quarter. 9258 Wealth Management LLC now owns 6,483 shares of the CRM provider’s stock worth $1,706,000 after purchasing an additional 1,253 shares in the last quarter. Gryphon Financial Partners LLC boosted its holdings in Salesforce by 32.4% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,960 shares of the CRM provider’s stock valued at $1,064,000 after purchasing an additional 970 shares during the period. Finally, AGF Management Ltd. purchased a new position in shares of Salesforce during the 4th quarter valued at $280,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CRM shares. JPMorgan Chase & Co. lifted their price objective on Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Sanford C. Bernstein upped their price objective on shares of Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Mizuho dropped their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Wells Fargo & Company raised their price objective on shares of Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a research report on Thursday, August 29th. Finally, Stifel Nicolaus upped their target price on shares of Salesforce from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $304.41.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were 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 approximately $1,644,921.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Salesforce news, insider Srinivas Tallapragada sold 942 shares of Salesforce stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the transaction, the insider now owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction on Tuesday, July 23rd. The shares were 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 approximately $1,644,921.18. The disclosure for this sale can be found here. Insiders sold a total of 62,376 shares of company stock worth $15,878,005 in the last three months. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

CRM opened at $254.57 on Friday. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The company has a market cap of $246.68 billion, a price-to-earnings ratio of 45.79, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. The stock has a fifty day simple moving average of $253.56 and a two-hundred day simple moving average of $268.35. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period last year, the business earned $1.63 earnings per share. The business’s revenue was up 8.5% on a year-over-year basis. Research analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.63%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

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.