Salesforce, Inc. (NYSE:CRM) Position Trimmed by Pin Oak Investment Advisors Inc.

Pin Oak Investment Advisors Inc. trimmed its stake in Salesforce, Inc. (NYSE:CRM) by 67.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 167 shares of the CRM provider’s stock after selling 351 shares during the quarter. Pin Oak Investment Advisors Inc.’s holdings in Salesforce were worth $45,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Elite Wealth Management Inc. raised its stake in shares of Salesforce by 1.1% during the 3rd quarter. Elite Wealth Management Inc. now owns 19,368 shares of the CRM provider’s stock worth $5,301,000 after purchasing an additional 211 shares in the last quarter. Financial Counselors Inc. raised its stake in shares of Salesforce by 2.9% in the 3rd quarter. Financial Counselors Inc. now owns 169,323 shares of the CRM provider’s stock valued at $46,345,000 after acquiring an additional 4,817 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in Salesforce by 1.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 461,207 shares of the CRM provider’s stock worth $126,237,000 after purchasing an additional 4,700 shares during the last quarter. MIG Capital LLC acquired a new position in Salesforce during the third quarter valued at approximately $18,284,000. Finally, Fiduciary Trust Co lifted its stake in shares of Salesforce by 7.6% in the third quarter. Fiduciary Trust Co now owns 43,565 shares of the CRM provider’s stock worth $11,924,000 after buying an additional 3,072 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on CRM. Northland Securities raised shares of Salesforce from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Wells Fargo & Company upped their price target on Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 12th. Canaccord Genuity Group boosted 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. Scotiabank assumed coverage on shares of Salesforce in a research report on Monday, November 18th. They issued a “sector outperform” rating and a $425.00 price target on the stock. Finally, Piper Sandler lowered shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 10th. Eight analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $341.89.

Insider Activity

In related news, COO Brian Millham sold 60,522 shares of Salesforce stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 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 value of $117,824.77. Following the completion of the transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,510 shares of company stock valued at $42,475,538 over the last three months. Insiders own 3.20% of the company’s stock.

Salesforce Stock Down 3.8 %

Shares of Salesforce stock traded down $13.17 on Thursday, hitting $330.01. The company had a trading volume of 7,471,475 shares, compared to its average volume of 6,302,406. The firm has a market capitalization of $315.49 billion, a P/E ratio of 57.39, a P/E/G ratio of 3.07 and a beta of 1.29. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $348.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a 50-day moving average of $299.57 and a 200-day moving average of $269.87.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion during 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 quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.63 earnings per share. Research analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 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.