Thoroughbred Financial Services LLC Purchases 5,981 Shares of Salesforce, Inc. (NYSE:CRM)

Thoroughbred Financial Services LLC lifted its stake in Salesforce, Inc. (NYSE:CRM) by 32.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,432 shares of the CRM provider’s stock after buying an additional 5,981 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Salesforce were worth $6,281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Spartan Planning & Wealth Management raised its stake in Salesforce by 66.3% during the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock valued at $412,000 after purchasing an additional 625 shares during the period. Parnassus Investments LLC grew its holdings in Salesforce by 0.3% during the 4th quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock valued at $1,566,055,000 after buying an additional 18,397 shares in the last quarter. TD Asset Management Inc grew its holdings in Salesforce by 32.6% during the 4th quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock valued at $207,756,000 after buying an additional 194,224 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of Salesforce by 1.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock worth $1,983,000 after purchasing an additional 95 shares during the period. Finally, M&G Plc purchased a new position in shares of Salesforce in the 1st quarter worth approximately $2,178,000. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the sale, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total value of $1,104,474.00. Following the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,376 shares of company stock worth $15,878,005. 3.20% of the stock is owned by corporate insiders.

Salesforce Stock Performance

Shares of CRM stock opened at $254.57 on Friday. The company has a market capitalization of $246.68 billion, a P/E ratio of 45.79, a P/E/G ratio of 2.26 and a beta of 1.29. The business’s 50 day moving average is $253.56 and its two-hundred day moving average is $268.35. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.63 earnings per share. Analysts expect that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.63%. Salesforce’s payout ratio is 28.78%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CRM. Needham & Company LLC restated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a report on Friday, September 6th. Loop Capital lifted their target price on Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Erste Group Bank restated a “hold” rating on shares of Salesforce in a research note on Wednesday. UBS Group upped their price objective on Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, Mizuho decreased their price target on Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Nine investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $304.41.

Salesforce Company 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.