Suncoast Equity Management Reduces Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Suncoast Equity Management lessened its position in shares of Salesforce, Inc. (NYSE:CRM) by 1.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 130,376 shares of the CRM provider’s stock after selling 1,447 shares during the quarter. Salesforce makes up about 4.9% of Suncoast Equity Management’s holdings, making the stock its 11th largest position. Suncoast Equity Management’s holdings in Salesforce were worth $43,589,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CRM. Veritas Asset Management LLP purchased a new stake in shares of Salesforce in the third quarter valued at about $733,805,000. Jennison Associates LLC grew its holdings in Salesforce by 52.7% during the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock valued at $1,482,347,000 after buying an additional 1,530,572 shares during the last quarter. Swedbank AB grew its holdings in Salesforce by 46.7% during the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock valued at $1,280,408,000 after buying an additional 1,219,254 shares during the last quarter. KBC Group NV increased its position in Salesforce by 171.2% during the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after buying an additional 1,032,068 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Salesforce by 23,664.2% in the third quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock valued at $274,490,000 after acquiring an additional 998,628 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Trading Down 1.8 %

NYSE:CRM opened at $318.76 on Friday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $305.06 billion, a PE ratio of 52.43, a P/E/G ratio of 2.64 and a beta of 1.31. The business’s 50 day moving average is $334.23 and its two-hundred day moving average is $304.76.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 EPS. On average, analysts predict that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.50%. Salesforce’s dividend payout ratio is currently 26.32%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRM. DA Davidson lifted their price objective on Salesforce from $250.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Redburn Atlantic initiated coverage on shares of Salesforce in a research report on Wednesday. They issued a “buy” rating for the company. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a report on Thursday, February 6th. Loop Capital lowered their price objective on Salesforce from $360.00 to $330.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, BMO Capital Markets increased their target price on Salesforce from $385.00 to $425.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-two have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $376.84.

Insider Buying and Selling at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total transaction of $2,041,607.78. Following the completion of the transaction, the chief financial officer now owns 46,750 shares in the company, valued at $15,342,415. The trade was a 11.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 1,102,833 shares of company stock worth $381,389,136 over the last ninety days. Company 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.