Lyell Wealth Management LP Has $16.53 Million Stake in Salesforce, Inc. (NYSE:CRM)

Lyell Wealth Management LP increased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 6.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,280 shares of the CRM provider’s stock after acquiring an additional 4,110 shares during the period. Salesforce comprises about 1.6% of Lyell Wealth Management LP’s portfolio, making the stock its 15th largest position. Lyell Wealth Management LP’s holdings in Salesforce were worth $16,526,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Prosperity Consulting Group LLC increased its stake in Salesforce by 12.0% in the 2nd quarter. Prosperity Consulting Group LLC now owns 2,238 shares of the CRM provider’s stock valued at $575,000 after buying an additional 239 shares during the last quarter. OV Management LLC increased its stake in Salesforce by 1.0% in the 2nd quarter. OV Management LLC now owns 10,746 shares of the CRM provider’s stock valued at $2,763,000 after buying an additional 102 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Salesforce by 7.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 1,706,289 shares of the CRM provider’s stock valued at $438,687,000 after buying an additional 112,690 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Salesforce by 10.2% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 208,709 shares of the CRM provider’s stock valued at $53,659,000 after buying an additional 19,302 shares during the last quarter. Finally, Meridian Management Co. increased its stake in Salesforce by 30.2% in the 2nd quarter. Meridian Management Co. now owns 21,596 shares of the CRM provider’s stock valued at $5,552,000 after buying an additional 5,005 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Price Performance

CRM stock opened at $254.57 on Friday. The company has a 50 day simple moving average of $253.56 and a 200 day simple moving average of $268.14. The stock has a market cap of $246.68 billion, a price-to-earnings ratio of 45.79, a P/E/G ratio of 2.26 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 company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.63 EPS. Research analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

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

Insiders Place Their Bets

In other Salesforce news, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total transaction of $608,108.04. Following the sale, the insider now directly owns 828 shares of the company’s stock, valued at approximately $202,702.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Salesforce news, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total transaction of $608,108.04. Following the sale, the insider now directly owns 828 shares of the company’s stock, valued at approximately $202,702.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $242.32, for a total transaction of $228,265.44. Following the sale, the insider now directly owns 22,154 shares in the company, valued at $5,368,357.28. The disclosure for this sale can be found here. Insiders have sold 62,376 shares of company stock valued at $15,878,005 in the last ninety days. 3.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CRM shares. Morgan Stanley lifted their price target on shares of Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Wells Fargo & Company lifted their price target on shares of Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a research note on Thursday, August 29th. Raymond James lifted their price target on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. TD Cowen lifted their price objective on shares of Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a research report on Friday, September 6th. Nine research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.