Miracle Mile Advisors LLC Sells 158 Shares of Salesforce, Inc. (NYSE:CRM)

Miracle Mile Advisors LLC reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 0.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,946 shares of the CRM provider’s stock after selling 158 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Salesforce were worth $5,706,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Marks Group Wealth Management Inc lifted its stake in shares of Salesforce by 0.7% in the 4th quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock valued at $9,268,000 after purchasing an additional 257 shares during the period. Spartan Planning & Wealth Management lifted its stake in shares of Salesforce by 66.3% in the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock valued at $412,000 after purchasing an additional 625 shares during the period. Roman Butler Fullerton & Co. raised its stake in 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 stake in 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 stake in 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. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on CRM shares. KeyCorp started coverage on Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating for the company. UBS Group lowered their price objective on Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Robert W. Baird lowered their price objective on Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Sanford C. Bernstein boosted their price target on Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating in a research note on Thursday, May 30th. Finally, Evercore ISI decreased their price target on Salesforce from $330.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $292.79.

Salesforce Stock Down 0.3 %

Shares of NYSE:CRM traded down $0.89 on Monday, reaching $256.21. The company had a trading volume of 5,723,195 shares, compared to its average volume of 6,975,955. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The firm’s 50 day simple moving average is $259.79 and its 200-day simple moving average is $276.47. The firm has a market capitalization of $248.27 billion, a PE ratio of 46.08, a PEG ratio of 2.26 and a beta of 1.29. 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 (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. 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 business posted $1.15 EPS. The business’s revenue was up 10.7% compared to the same quarter last year. As a group, analysts expect 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. Stockholders of record on Tuesday, July 9th will be given a $0.40 dividend. The ex-dividend date is Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce’s payout ratio is 7.19%.

Insider Transactions at Salesforce

In other Salesforce news, Director G Mason Morfit acquired 428,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was purchased at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the transaction, the director now directly owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director G Mason Morfit purchased 428,000 shares of the stock in a transaction on Monday, June 3rd. The stock was bought at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the transaction, the director now owns 3,914,309 shares in the company, valued at approximately $912,699,429.53. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $300.14, for a total value of $4,502,100.00. Following the sale, the chief executive officer now directly owns 12,951,166 shares of the company’s stock, valued at approximately $3,887,162,963.24. The disclosure for this sale can be found here. Insiders sold 507,934 shares of company stock valued at $139,262,073 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

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.