Taurus Asset Management LLC Decreases Position in Salesforce, Inc. (NYSE:CRM)

Taurus Asset Management LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 95,988 shares of the CRM provider’s stock after selling 2,800 shares during the quarter. Salesforce accounts for about 2.6% of Taurus Asset Management LLC’s portfolio, making the stock its 13th largest position. Taurus Asset Management LLC’s holdings in Salesforce were worth $26,273,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Piscataqua Savings Bank boosted its stake in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the period. Clear Investment Research LLC raised its holdings in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares in the last quarter. Godsey & Gibb Inc. lifted its stake in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Salesforce during the 2nd quarter worth approximately $33,000. Finally, Stephens Consulting LLC increased its position in shares of Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Trading Down 1.9 %

Shares of CRM opened at $325.26 on Monday. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $348.86. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $310.95 billion, a P/E ratio of 56.57, a PEG ratio of 2.94 and a beta of 1.29. The firm’s 50-day moving average is $286.61 and its two-hundred day moving average is $266.61.

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

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. Salesforce’s dividend payout ratio is presently 27.83%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Loop Capital increased their target price on Salesforce from $270.00 to $340.00 and gave the company a “hold” rating in a report on Thursday. FBN Securities raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. upped their price target on Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Phillip Securities reissued an “accumulate” rating and set a $305.00 price objective on shares of Salesforce in a report on Friday, August 30th. Finally, Bank of America upped their target price on shares of Salesforce from $325.00 to $390.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $322.51.

Insider Transactions at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. Insiders sold a total of 144,373 shares of company stock valued at $41,250,680 in the last ninety days. Corporate 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.