Park Place Capital Corp Decreases Stock Holdings in Salesforce Inc. (NYSE:CRM)

Park Place Capital Corp lowered its stake in Salesforce Inc. (NYSE:CRM) by 2.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,435 shares of the CRM provider’s stock after selling 143 shares during the quarter. Park Place Capital Corp’s holdings in Salesforce were worth $1,727,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce during the 4th quarter valued at about $25,000. Accredited Wealth Management LLC bought a new stake in Salesforce during the fourth quarter valued at approximately $27,000. Halbert Hargrove Global Advisors LLC purchased a new stake in Salesforce during the fourth quarter valued at approximately $35,000. Wood Tarver Financial Group LLC bought a new position in Salesforce in the fourth quarter worth approximately $35,000. Finally, VSM Wealth Advisory LLC purchased a new position in shares of Salesforce during the 4th quarter worth $45,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 1,142 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $299,603.70. Following the completion of the transaction, the insider now owns 136,824 shares in the company, valued at $35,895,776.40. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Miguel Milano sold 405 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $106,251.75. Following the completion of the sale, the insider now owns 9,933 shares in the company, valued at approximately $2,605,922.55. The trade was a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,284 shares of company stock valued at $6,996,762. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CRM. Mizuho decreased their target price on Salesforce from $425.00 to $380.00 and set an “outperform” rating on the stock in a report on Thursday, May 15th. Canaccord Genuity Group reduced their price target on Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, May 28th. Erste Group Bank cut Salesforce from a “buy” rating to a “hold” rating in a research report on Thursday, June 5th. Royal Bank Of Canada downgraded Salesforce from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $420.00 to $275.00 in a research note on Thursday, May 29th. Finally, Loop Capital decreased their target price on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $349.08.

Salesforce Trading Up 1.0%

Shares of NYSE CRM opened at $270.50 on Friday. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The business’s 50 day moving average is $269.86 and its two-hundred day moving average is $295.19. The stock has a market capitalization of $258.60 billion, a P/E ratio of 42.33, a PEG ratio of 2.43 and a beta of 1.38.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter in the previous year, the business earned $2.44 EPS. The company’s quarterly revenue was up 7.6% on a year-over-year basis. As a group, research analysts expect that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce’s dividend payout ratio is presently 25.98%.

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.