GraniteShares Advisors LLC Grows Stock Holdings in Salesforce, Inc. (NYSE:CRM)

GraniteShares Advisors LLC boosted its holdings in Salesforce, Inc. (NYSE:CRM) by 22.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,758 shares of the CRM provider’s stock after buying an additional 1,408 shares during the period. Salesforce makes up 0.7% of GraniteShares Advisors LLC’s investment portfolio, making the stock its 23rd biggest holding. GraniteShares Advisors LLC’s holdings in Salesforce were worth $1,995,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CRM. Signature Resources Capital Management LLC purchased a new position in Salesforce in the 4th quarter valued at approximately $26,000. Ruedi Wealth Management Inc. grew its position in shares of Salesforce by 186.7% during the 1st 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 in the last quarter. Piscataqua Savings Bank grew its position in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares in the last quarter. Red Tortoise LLC purchased a new position in shares of Salesforce during the 1st quarter valued at $33,000. Finally, Stephens Consulting LLC grew its position in shares of Salesforce by 3,125.0% during 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 in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Stock Down 1.6 %

CRM traded down $4.11 during midday trading on Friday, reaching $252.90. The company’s stock had a trading volume of 10,507,704 shares, compared to its average volume of 5,508,211. The firm has a market capitalization of $245.06 billion, a price-to-earnings ratio of 45.49, a PEG ratio of 2.22 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The stock’s 50-day moving average is $254.44 and its 200-day moving average is $271.13.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the prior year, the company posted $1.63 earnings per share. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, research analysts expect that Salesforce, Inc. will post 7.52 EPS for the current year.

Salesforce Dividend Announcement

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

Insider Activity

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred 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 $1,644,921.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total transaction of $1,104,180.00. Following the transaction, the insider now owns 117,581 shares in the company, valued at $30,912,044.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. The disclosure for this sale can be found here. Insiders have sold a total of 112,964 shares of company stock worth $27,956,647 over the last 90 days. 3.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Citigroup boosted their price target on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Canaccord Genuity Group boosted their price target on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday. Sanford C. Bernstein lifted their price objective on shares of Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price objective on shares of Salesforce in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $302.00.

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.