Franklin Resources Inc. Sells 404,059 Shares of Salesforce, Inc. (NYSE:CRM)

Franklin Resources Inc. cut its position in Salesforce, Inc. (NYSE:CRM - Free Report) by 8.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,394,068 shares of the CRM provider's stock after selling 404,059 shares during the period. Franklin Resources Inc. owned 0.46% of Salesforce worth $1,282,287,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Silver Lake Advisory LLC bought a new position in shares of Salesforce during the 2nd quarter worth approximately $273,000. Naples Global Advisors LLC lifted its holdings in Salesforce by 164.7% during the second quarter. Naples Global Advisors LLC now owns 7,031 shares of the CRM provider's stock worth $1,808,000 after acquiring an additional 4,375 shares during the period. Blue Trust Inc. boosted its position in Salesforce by 22.4% in the second quarter. Blue Trust Inc. now owns 8,545 shares of the CRM provider's stock worth $2,197,000 after purchasing an additional 1,564 shares during the last quarter. Brookstone Capital Management grew its stake in Salesforce by 32.7% in the 2nd quarter. Brookstone Capital Management now owns 51,873 shares of the CRM provider's stock valued at $13,032,000 after purchasing an additional 12,785 shares during the period. Finally, Timber Creek Capital Management LLC increased its position in shares of Salesforce by 2.3% during the 2nd quarter. Timber Creek Capital Management LLC now owns 16,780 shares of the CRM provider's stock valued at $4,314,000 after purchasing an additional 380 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRM has been the topic of a number of research analyst reports. Morgan Stanley boosted their price target on shares of Salesforce from $330.00 to $405.00 and gave the stock an "overweight" rating in a report on Wednesday, December 4th. Loop Capital increased their target price on shares of Salesforce from $340.00 to $360.00 and gave the company a "hold" rating in a research report on Wednesday, December 4th. BNP Paribas raised shares of Salesforce to a "strong-buy" rating in a report on Thursday, August 29th. Jefferies Financial Group raised their target price on Salesforce from $400.00 to $425.00 and gave the stock a "buy" rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC boosted their target price on Salesforce from $345.00 to $375.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $377.24.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. This represents a 5.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total value of $1,079,568.00. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at $30,223,020.24. This trade represents a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 138,498 shares of company stock worth $40,983,349 over the last three months. Company insiders own 3.20% of the company's stock.

Salesforce Price Performance

Shares of CRM traded down $3.72 during midday trading on Friday, reaching $354.31. The stock had a trading volume of 5,488,340 shares, compared to its average volume of 6,407,264. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $339.07 billion, a price-to-earnings ratio of 58.27, a price-to-earnings-growth ratio of 3.21 and a beta of 1.30. The company's 50-day moving average is $316.14 and its 200 day moving average is $275.00. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.62 EPS. On average, equities analysts predict that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.45%. The ex-dividend date is Wednesday, December 18th. Salesforce's dividend payout ratio is presently 26.32%.

About Salesforce

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.