InTrack Investment Management Inc Cuts Stock Position in Salesforce, Inc. (NYSE:CRM)

InTrack Investment Management Inc trimmed its holdings in Salesforce, Inc. (NYSE:CRM) by 4.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,459 shares of the CRM provider’s stock after selling 269 shares during the period. Salesforce comprises about 1.2% of InTrack Investment Management Inc’s investment portfolio, making the stock its 25th biggest position. InTrack Investment Management Inc’s holdings in Salesforce were worth $1,766,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Infrastructure Capital Advisors LLC purchased a new stake in Salesforce during the 3rd quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL bought a new stake in Salesforce in the 2nd quarter valued at $33,000. Godsey & Gibb Inc. lifted its stake in Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. Annapolis Financial Services LLC boosted its holdings in shares of Salesforce by 135.6% during the 3rd quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock valued at $38,000 after purchasing an additional 80 shares during the last quarter. Finally, FSA Wealth Management LLC purchased a new position in shares of Salesforce during the third quarter valued at about $53,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

NYSE CRM opened at $324.77 on Friday. The firm’s fifty day simple moving average is $337.25 and its two-hundred day simple moving average is $291.08. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The firm has a market capitalization of $310.81 billion, a P/E ratio of 53.42, a P/E/G ratio of 2.87 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. During the same period in the prior year, the business posted $1.62 EPS. Salesforce’s revenue was up 8.3% compared to the same quarter last year. Analysts forecast that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s payout ratio is 26.32%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. The Goldman Sachs Group upped their price objective on Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Needham & Company LLC lifted their price target on Salesforce from $375.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Wedbush reaffirmed an “outperform” rating and issued a $425.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. Jefferies Financial Group lifted their price objective on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, JMP Securities restated a “market outperform” rating and issued a $450.00 target price on shares of Salesforce in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $377.63.

Insider Activity at Salesforce

In other news, CEO Marc Benioff sold 317,105 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the sale, the chief executive officer now owns 12,162,457 shares in the company, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Brian Millham sold 6,161 shares of Salesforce stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $289.75, for a total value of $1,785,149.75. Following the transaction, the chief operating officer now owns 969 shares of the company’s stock, valued at approximately $280,767.75. This represents a 86.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,183,838 shares of company stock worth $405,595,158 over the last quarter. Insiders own 3.20% of the company’s stock.

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.