Interval Partners LP Raises Stock Position in Salesforce, Inc. (NYSE:CRM)

Interval Partners LP lifted its position in shares of Salesforce, Inc. (NYSE:CRM) by 157.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,000 shares of the CRM provider’s stock after buying an additional 22,000 shares during the period. Interval Partners LP’s holdings in Salesforce were worth $10,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Salesforce during the fourth quarter worth $2,762,331,000. Capital International Investors grew its holdings in shares of Salesforce by 76.4% during the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after purchasing an additional 5,935,973 shares during the period. Cerity Partners LLC increased its position in shares of Salesforce by 1,254.7% during the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after purchasing an additional 3,226,512 shares during the last quarter. Capital Research Global Investors raised its holdings in Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares during the period. Finally, GQG Partners LLC acquired a new position in Salesforce in the first quarter valued at about $910,220,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Performance

CRM traded down $0.68 during trading on Tuesday, hitting $257.91. 3,941,446 shares of the stock were exchanged, compared to its average volume of 6,784,922. The firm has a market capitalization of $249.91 billion, a P/E ratio of 46.39, a PEG ratio of 2.31 and a beta of 1.29. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The stock has a fifty day moving average price of $250.63 and a two-hundred day moving average price of $275.47. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the prior year, the firm earned $1.15 EPS. Salesforce’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, sell-side analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend was Tuesday, July 9th. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CRM shares. Macquarie dropped their price target on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a research report on Friday, May 31st. Robert W. Baird cut their target price on Salesforce from $355.00 to $295.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and set a $345.00 price target on shares of Salesforce in a research note on Thursday, May 30th. JPMorgan Chase & Co. dropped their price objective on Salesforce from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Finally, Wedbush decreased their target price on Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus target price of $292.79.

Insider Buying and Selling at Salesforce

In related news, Director G Mason Morfit bought 428,000 shares of the stock in a transaction on Monday, June 3rd. The shares were bought at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the purchase, the director now owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director G Mason Morfit purchased 428,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average cost of $233.17 per share, with a total value of $99,796,760.00. Following the completion of the acquisition, the director now directly owns 3,914,309 shares in the company, valued at $912,699,429.53. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the completion of the transaction, the chief executive officer now owns 12,407,327 shares in the company, valued at $2,688,171,467.82. The disclosure for this sale can be found here. Insiders sold a total of 305,042 shares of company stock valued at $81,019,465 in the last ninety days. 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.