Salesforce, Inc. (NYSE:CRM) Shares Sold by Grove Bank & Trust

Grove Bank & Trust lowered its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 9.2% in the fourth quarter, Holdings Channel reports. The firm owned 2,628 shares of the CRM provider’s stock after selling 265 shares during the quarter. Grove Bank & Trust’s holdings in Salesforce were worth $879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of CRM. Veritas Asset Management LLP purchased a new stake in shares of Salesforce in the third quarter valued at approximately $733,805,000. KBC Group NV lifted its holdings in Salesforce by 171.2% in the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after acquiring an additional 1,032,068 shares during the period. International Assets Investment Management LLC boosted its position in shares of Salesforce by 23,664.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock worth $274,490,000 after purchasing an additional 998,628 shares in the last quarter. Farallon Capital Management LLC grew its stake in shares of Salesforce by 51.0% during the 2nd quarter. Farallon Capital Management LLC now owns 2,946,838 shares of the CRM provider’s stock worth $757,632,000 after purchasing an additional 994,670 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of Salesforce by 25.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,378,826 shares of the CRM provider’s stock valued at $1,125,331,000 after purchasing an additional 877,495 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CRM shares. Erste Group Bank raised shares of Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Scotiabank boosted their price target on Salesforce from $425.00 to $440.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Morgan Stanley raised their price objective on Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and set a $405.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Finally, TD Cowen upgraded Salesforce from a “hold” rating to a “buy” rating and raised their price target for the company from $380.00 to $400.00 in a research report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $377.63.

Salesforce Stock Performance

Shares of CRM stock opened at $324.77 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The company’s 50-day simple moving average is $337.31 and its 200-day simple moving average is $291.80. The stock has a market capitalization of $310.81 billion, a price-to-earnings ratio of 53.42, a PEG ratio of 2.87 and a beta of 1.30.

Salesforce (NYSE:CRM) last posted its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 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 the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. Salesforce’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the company posted $1.62 EPS. Equities analysts anticipate that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s dividend payout ratio is currently 26.32%.

Insider Activity at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total value of $2,052,183.48. Following the sale, the chief financial officer now directly owns 45,861 shares in the company, valued at $15,128,626.68. The trade was a 11.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on 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 transaction, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,183,838 shares of company stock worth $405,595,158 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

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.