Jericho Financial LLP Sells 900 Shares of Salesforce Inc. (NYSE:CRM)

Jericho Financial LLP cut its stake in shares of Salesforce Inc. (NYSE:CRM) by 4.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,987 shares of the CRM provider’s stock after selling 900 shares during the quarter. Salesforce comprises approximately 3.5% of Jericho Financial LLP’s portfolio, making the stock its 14th biggest position. Jericho Financial LLP’s holdings in Salesforce were worth $4,827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of CRM. Bernard Wealth Management Corp. bought a new position in shares of Salesforce during the fourth quarter valued at $25,000. Accredited Wealth Management LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at $27,000. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at $35,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at $35,000. Finally, VSM Wealth Advisory LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at $45,000. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Up 0.5%

Shares of CRM opened at $260.79 on Monday. The business’s 50 day moving average is $268.51 and its 200 day moving average is $296.80. The company has a market capitalization of $249.31 billion, a PE ratio of 40.81, a price-to-earnings-growth ratio of 2.36 and a beta of 1.38. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (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 the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the company earned $2.44 EPS. Research analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be paid a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a yield of 0.64%. The ex-dividend date is Wednesday, June 18th. Salesforce’s dividend payout ratio (DPR) is presently 25.98%.

Insider Activity at Salesforce

In other Salesforce news, insider R David Schmaier sold 1,785 shares of Salesforce stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total value of $514,686.90. Following the sale, the insider now owns 29,190 shares of the company’s stock, valued at $8,416,644.60. The trade was a 5.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Oscar Munoz acquired 3,882 shares of Salesforce stock in a transaction on Thursday, April 3rd. The stock was purchased at an average cost of $257.28 per share, for a total transaction of $998,760.96. Following the purchase, the director now owns 11,843 shares in the company, valued at approximately $3,046,967.04. The trade was a 48.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 24,992 shares of company stock valued at $6,704,198. 3.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CRM has been the topic of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Stifel Nicolaus dropped their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Robert W. Baird dropped their price objective on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. DA Davidson reaffirmed an “underperform” rating and set a $200.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Finally, Canaccord Genuity Group dropped their price objective on Salesforce from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $349.08.

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.