Salesforce, Inc. (NYSE:CRM) Shares Bought by Bank of Stockton

Bank of Stockton grew its holdings in Salesforce, Inc. (NYSE:CRM) by 58.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,451 shares of the CRM provider’s stock after acquiring an additional 538 shares during the period. Bank of Stockton’s holdings in Salesforce were worth $373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Ruedi Wealth Management Inc. grew its holdings in Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 56 shares in the last quarter. Signature Resources Capital Management LLC purchased a new position in Salesforce in the fourth quarter valued at $26,000. Piscataqua Savings Bank increased its position in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares in the last quarter. Red Tortoise LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at about $33,000. Finally, Creekmur Asset Management LLC purchased a new position in Salesforce during the 4th quarter worth approximately $35,000. 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 4,200 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the transaction, the insider now owns 115,762 shares of the company’s stock, valued at approximately $31,170,076.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Miguel Milano sold 2,934 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $262.95, for a total value of $771,495.30. Following the sale, the insider now directly owns 3,716 shares of the company’s stock, valued at $977,122.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the completion of the sale, the insider now owns 115,762 shares of the company’s stock, valued at $31,170,076.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 142,964 shares of company stock worth $35,273,059. 3.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Robert W. Baird decreased their price objective on Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Wedbush dropped their price objective on shares of Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 29th. Truist Financial reiterated a “buy” rating and set a $300.00 target price (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. TD Cowen dropped their price target on Salesforce from $330.00 to $285.00 and set a “hold” rating on the stock in a research report on Thursday, May 30th. Finally, UBS Group decreased their price objective on Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $291.50.

Salesforce Price Performance

CRM traded up $5.41 during midday trading on Friday, reaching $264.00. 4,711,326 shares of the company’s stock were exchanged, compared to its average volume of 6,563,299. The business’s 50-day moving average price is $252.09 and its 200 day moving average price is $272.13. The stock has a market capitalization of $255.82 billion, a PE ratio of 47.48, a P/E/G ratio of 2.22 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 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the prior year, the company earned $1.15 EPS. Salesforce’s revenue was up 10.7% on a year-over-year basis. As a group, equities analysts anticipate that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.61%. The ex-dividend date was Tuesday, July 9th. Salesforce’s payout ratio is 28.78%.

Salesforce 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.