Salesforce, Inc. (NYSE:CRM) Shares Acquired by Norway Savings Bank

Norway Savings Bank grew its holdings in Salesforce, Inc. (NYSE:CRM) by 2.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 9,318 shares of the CRM provider’s stock after acquiring an additional 231 shares during the quarter. Salesforce comprises 1.4% of Norway Savings Bank’s investment portfolio, making the stock its 23rd biggest holding. Norway Savings Bank’s holdings in Salesforce were worth $2,550,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ruedi Wealth Management Inc. grew its stake in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Piscataqua Savings Bank lifted its position in 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 purchasing an additional 96 shares during the period. Red Tortoise LLC purchased a new position in shares of Salesforce during the 1st quarter worth approximately $33,000. Clear Investment Research LLC boosted its position in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Salesforce during the 2nd quarter worth $33,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Evercore ISI reissued an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research note on Monday, August 26th. TD Cowen increased their target price on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Piper Sandler lowered Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Canaccord Genuity Group increased their target price on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Citigroup boosted their price objective on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $310.74.

Insiders Place Their Bets

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $288.42, for a total value of $1,211,364.00. Following the sale, the insider now owns 118,514 shares of the company’s stock, valued at $34,181,807.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total value of $1,211,364.00. Following the sale, the insider now owns 118,514 shares in the company, valued at $34,181,807.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider R David Schmaier sold 1,155 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $295,425.90. Following the transaction, the insider now owns 20,556 shares in the company, valued at approximately $5,257,813.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,412 shares of company stock valued at $20,212,507 in the last quarter. 3.20% of the stock is currently owned by insiders.

Salesforce Trading Down 0.5 %

Salesforce stock traded down $1.36 during trading hours on Tuesday, reaching $290.28. 1,235,491 shares of the company’s stock traded hands, compared to its average volume of 6,450,540. The firm has a market capitalization of $281.28 billion, a price-to-earnings ratio of 51.95, a PEG ratio of 2.61 and a beta of 1.30. 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 fifty-two week low of $193.68 and a fifty-two week high of $318.71. The firm’s 50 day moving average is $262.99 and its 200-day moving average is $263.55.

Salesforce (NYSE:CRM) last announced its quarterly earnings data 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. The firm had revenue of $9.33 billion for 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 business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the firm earned $1.63 earnings per share. On average, analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.55%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is 28.78%.

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.