State of Michigan Retirement System Sells 1,100 Shares of Salesforce, Inc. (NYSE:CRM)

State of Michigan Retirement System trimmed its holdings in Salesforce, Inc. (NYSE:CRM) by 0.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 265,243 shares of the CRM provider’s stock after selling 1,100 shares during the period. State of Michigan Retirement System’s holdings in Salesforce were worth $79,886,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. MV Capital Management Inc. grew its position in Salesforce by 710.5% in the first quarter. MV Capital Management Inc. now owns 8,470 shares of the CRM provider’s stock worth $2,551,000 after acquiring an additional 7,425 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in shares of Salesforce by 925.6% during the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 61,834 shares of the CRM provider’s stock worth $18,623,000 after buying an additional 55,805 shares during the period. Dash Acquisitions Inc. boosted its holdings in shares of Salesforce by 1.2% during the 1st quarter. Dash Acquisitions Inc. now owns 50,731 shares of the CRM provider’s stock worth $14,018,000 after buying an additional 608 shares during the period. Synergy Asset Management LLC boosted its holdings in shares of Salesforce by 51.1% during the 1st quarter. Synergy Asset Management LLC now owns 11,115 shares of the CRM provider’s stock worth $3,348,000 after buying an additional 3,757 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Salesforce by 8.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 523,681 shares of the CRM provider’s stock worth $157,722,000 after buying an additional 40,563 shares during the period. 80.43% of the stock is owned by institutional investors.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now owns 5,856 shares in the company, valued at $1,599,566.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the transaction, the chief accounting officer now owns 5,856 shares in the company, valued at $1,599,566.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Brian Millham sold 2,018 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $260.00, for a total transaction of $524,680.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 509,952 shares of company stock worth $139,786,753. 3.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on CRM. Sanford C. Bernstein increased their price target on shares of Salesforce from $231.00 to $234.00 and gave the company an “underperform” rating in a report on Thursday, May 30th. Piper Sandler reduced their price target on shares of Salesforce from $300.00 to $250.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. Macquarie reduced their price target on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a report on Friday, May 31st. Needham & Company LLC reissued a “buy” rating and issued a $345.00 price target on shares of Salesforce in a report on Thursday, May 30th. Finally, UBS Group reduced their price target on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. One equities research 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Salesforce Trading Up 0.1 %

Shares of CRM traded up $0.21 on Tuesday, reaching $256.42. 5,130,403 shares of the company’s stock were exchanged, compared to its average volume of 6,962,483. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $248.47 billion, a P/E ratio of 46.13, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. The business has a 50 day moving average price of $259.43 and a two-hundred day moving average price of $276.46. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The business had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. Salesforce’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.15 earnings per share. Research analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Salesforce Announces Dividend

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 dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend is Tuesday, July 9th. Salesforce’s dividend payout ratio is currently 7.19%.

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.