Montecito Bank & Trust Has $1.43 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Montecito Bank & Trust increased its position in shares of Salesforce, Inc. (NYSE:CRM) by 12.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,270 shares of the CRM provider’s stock after buying an additional 477 shares during the quarter. Montecito Bank & Trust’s holdings in Salesforce were worth $1,428,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Apeiron RIA LLC bought a new position in shares of Salesforce in the 4th quarter worth $264,000. Secure Asset Management LLC lifted its stake in shares of Salesforce by 5.5% in the fourth quarter. Secure Asset Management LLC now owns 7,351 shares of the CRM provider’s stock valued at $2,458,000 after buying an additional 380 shares in the last quarter. Red Door Wealth Management LLC grew its holdings in shares of Salesforce by 7.5% during the fourth quarter. Red Door Wealth Management LLC now owns 20,680 shares of the CRM provider’s stock valued at $6,914,000 after buying an additional 1,451 shares during the last quarter. Donoghue Forlines LLC increased its position in shares of Salesforce by 35.2% during the fourth quarter. Donoghue Forlines LLC now owns 6,021 shares of the CRM provider’s stock worth $2,013,000 after acquiring an additional 1,567 shares in the last quarter. Finally, Madrona Financial Services LLC raised its holdings in shares of Salesforce by 7.7% in the 4th quarter. Madrona Financial Services LLC now owns 995 shares of the CRM provider’s stock worth $333,000 after acquiring an additional 71 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $290.23, for a total value of $145,115.00. Following the transaction, the chief accounting officer now directly owns 6,506 shares in the company, valued at approximately $1,888,236.38. This trade represents a 7.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $298.04, for a total transaction of $1,251,768.00. Following the sale, the insider now directly owns 119,402 shares of the company’s stock, valued at approximately $35,586,572.08. The trade was a 3.40 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,173,891 shares of company stock valued at $402,840,388. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of NYSE:CRM opened at $334.75 on Friday. The business has a 50-day simple moving average of $336.50 and a two-hundred day simple moving average of $293.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $320.36 billion, a price-to-earnings ratio of 55.06, a price-to-earnings-growth ratio of 2.95 and a beta of 1.30. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The company had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 EPS. On average, analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s dividend payout ratio is 26.32%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Barclays lifted their price target on Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and set a $405.00 price target on shares of Salesforce in a report on Wednesday, December 18th. JPMorgan Chase & Co. raised their price objective on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. KeyCorp upgraded shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price for the company in a report on Friday, December 13th. Finally, UBS Group boosted their price target on shares of Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $377.63.

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.