First Interstate Bank Lowers Stake in Salesforce, Inc. (NYSE:CRM)

First Interstate Bank cut its position in shares of Salesforce, Inc. (NYSE:CRM) by 0.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 16,863 shares of the CRM provider’s stock after selling 152 shares during the period. First Interstate Bank’s holdings in Salesforce were worth $4,335,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Ruedi Wealth Management Inc. raised its holdings in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the period. Piscataqua Savings Bank grew its stake in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares in the last quarter. Red Tortoise LLC purchased a new stake in shares of Salesforce during the 1st quarter valued at about $33,000. Stephens Consulting LLC lifted its position in Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares in the last quarter. Finally, Creekmur Asset Management LLC purchased a new position in Salesforce in the 4th quarter worth approximately $35,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Stock Performance

CRM stock opened at $245.76 on Tuesday. The stock’s fifty day moving average is $254.31 and its two-hundred day moving average is $269.24. The stock has a market capitalization of $238.14 billion, a price-to-earnings ratio of 44.20, a PEG ratio of 2.21 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the previous year, the business posted $1.63 EPS. Salesforce’s revenue was up 8.5% on a year-over-year basis. On average, research analysts predict that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.65%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 3,528 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $250.59, for a total value of $884,081.52. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at $29,464,622.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Parker Harris sold 3,528 shares of Salesforce stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $250.59, for a total transaction of $884,081.52. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at approximately $29,464,622.79. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,892 shares of company stock valued at $15,269,897. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CRM shares. Stifel Nicolaus lifted their price objective on shares of Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Evercore ISI reaffirmed an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research note on Monday, August 26th. Wells Fargo & Company upped their price objective on shares of Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a research report on Thursday, August 29th. FBN Securities raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Mizuho cut their price target on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Eight research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $304.41.

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.