AIA Group Ltd Acquires 3,520 Shares of Salesforce, Inc. (NYSE:CRM)

AIA Group Ltd boosted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 14.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 27,913 shares of the CRM provider’s stock after acquiring an additional 3,520 shares during the period. AIA Group Ltd’s holdings in Salesforce were worth $8,407,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ruedi Wealth Management Inc. increased its holdings in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Bear Mountain Capital Inc. acquired a new position in shares of Salesforce during the 4th quarter worth about $26,000. Signature Resources Capital Management LLC bought a new stake in shares of Salesforce in the 4th quarter valued at about $26,000. Red Tortoise LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at approximately $33,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Salesforce during the 4th quarter worth approximately $31,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM traded up $3.04 during midday trading on Friday, hitting $254.16. 4,704,981 shares of the company’s stock were exchanged, compared to its average volume of 6,925,891. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $246.28 billion, a PE ratio of 45.71, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The company’s 50 day moving average price is $256.43 and its 200 day moving average price is $275.81.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The firm had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company’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 business posted $1.15 earnings per share. As a group, analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Tuesday, July 9th. Salesforce’s dividend payout ratio is 28.78%.

Analyst Upgrades and Downgrades

CRM has been the topic of several analyst reports. Piper Sandler reiterated a “neutral” rating and issued a $250.00 target price on shares of Salesforce in a report on Friday. TD Cowen reduced their target price on Salesforce from $330.00 to $285.00 and set a “hold” rating on the stock in a report on Thursday, May 30th. Morgan Stanley lowered their price target on Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Stifel Nicolaus cut their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Finally, StockNews.com cut Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. One investment 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

Insiders Place Their Bets

In related news, insider R David Schmaier sold 3,910 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $274.77, for a total transaction of $1,074,350.70. Following the transaction, the insider now directly owns 19,463 shares of the company’s stock, valued at $5,347,848.51. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Salesforce news, insider R David Schmaier sold 3,910 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $274.77, for a total transaction of $1,074,350.70. Following the transaction, the insider now owns 19,463 shares in the company, valued at approximately $5,347,848.51. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The disclosure for this sale can be found here. Insiders have sold 439,152 shares of company stock worth $118,115,911 in the last 90 days. Company insiders own 3.20% of the company’s stock.

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.