Golden State Wealth Management LLC Purchases 370 Shares of Salesforce Inc. (NYSE:CRM)

Golden State Wealth Management LLC boosted its position in shares of Salesforce Inc. (NYSE:CRM) by 23.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,931 shares of the CRM provider’s stock after purchasing an additional 370 shares during the period. Golden State Wealth Management LLC’s holdings in Salesforce were worth $518,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRM. Brighton Jones LLC grew its position in Salesforce by 13.7% in the 4th quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock valued at $8,582,000 after acquiring an additional 3,102 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in Salesforce by 12.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock worth $611,000 after acquiring an additional 205 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of Salesforce by 70.4% in the fourth quarter. Proficio Capital Partners LLC now owns 2,791 shares of the CRM provider’s stock valued at $933,000 after purchasing an additional 1,153 shares during the period. Ethos Financial Group LLC bought a new stake in Salesforce during the 4th quarter valued at $237,000. Finally, Welch & Forbes LLC lifted its holdings in shares of Salesforce by 3.5% in the 4th quarter. Welch & Forbes LLC now owns 9,395 shares of the CRM provider’s stock worth $3,141,000 after buying an additional 316 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Srinivas Tallapragada sold 6,697 shares of the firm’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the sale, the insider owned 41,422 shares in the company, valued at approximately $12,219,490. This trade represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 1,525 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total transaction of $386,831.50. Following the sale, the chief accounting officer directly owned 12,211 shares in the company, valued at approximately $3,097,442.26. The trade was a 11.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,534 shares of company stock worth $7,609,842. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CRM has been the subject of a number of research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $325.00 price objective on shares of Salesforce in a research note on Thursday, June 26th. Wells Fargo & Company boosted their price target on shares of Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a report on Thursday, May 29th. Stephens dropped their price objective on shares of Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a research note on Friday, May 30th. Oppenheimer reissued an “outperform” rating and set a $370.00 price objective on shares of Salesforce in a report on Tuesday, June 10th. Finally, BMO Capital Markets lowered their target price on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a report on Tuesday, May 27th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $349.08.

Salesforce Stock Up 0.9%

CRM stock opened at $271.58 on Friday. The company has a market capitalization of $259.63 billion, a P/E ratio of 42.50, a price-to-earnings-growth ratio of 2.47 and a beta of 1.36. Salesforce Inc. has a 12 month low of $230.00 and a 12 month high of $369.00. The firm’s fifty day simple moving average is $272.28 and its 200-day simple moving average is $291.78. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm’s revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.44 earnings per share. As a group, equities research analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.61%. Salesforce’s dividend payout ratio is presently 25.98%.

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.