New Covenant Trust Company N.A. Invests $226,000 in Salesforce, Inc. (NYSE:CRM)

New Covenant Trust Company N.A. purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 816 shares of the CRM provider’s stock, valued at approximately $226,000.

A number of other hedge funds have also recently modified their holdings of the company. Ruedi Wealth Management Inc. boosted its holdings in 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 raised its position in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the period. Clear Investment Research LLC lifted its holdings in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares during the last quarter. Stephens Consulting LLC grew its position in Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Salesforce in the second quarter valued at $33,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Raymond James increased their price target on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Piper Sandler lowered shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Canaccord Genuity Group boosted their price target on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Citigroup upped their price objective on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Finally, Bank of America reiterated a “buy” rating and issued a $325.00 target price on shares of Salesforce in a report on Friday, September 6th. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $313.37.

Insider Activity at Salesforce

In other news, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $255,905.13. Following the sale, the chief financial officer now owns 52,930 shares in the company, valued at approximately $15,100,399.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, insider Parker Harris sold 1,400 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $251.62, for a total transaction of $352,268.00. Following the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $29,585,731.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares in the company, valued at approximately $15,100,399.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 148,303 shares of company stock valued at $42,024,385 over the last ninety days. Insiders own 3.20% of the company’s stock.

Salesforce Trading Up 1.1 %

NYSE:CRM opened at $294.72 on Friday. Salesforce, Inc. has a 1 year low of $204.69 and a 1 year high of $318.71. The stock has a market cap of $281.75 billion, a P/E ratio of 51.26, a P/E/G ratio of 2.68 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. The stock has a 50-day simple moving average of $273.02 and a 200-day simple moving average of $263.27.

Salesforce (NYSE:CRM) last announced its quarterly 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 return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the company posted $1.63 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.54%. Salesforce’s dividend payout ratio is currently 27.83%.

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.