Stock Yards Bank & Trust Co. Sells 50 Shares of Salesforce, Inc. (NYSE:CRM)

Stock Yards Bank & Trust Co. reduced its position in Salesforce, Inc. (NYSE:CRM) by 1.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,171 shares of the CRM provider’s stock after selling 50 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Salesforce were worth $815,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Spartan Planning & Wealth Management boosted its stake in Salesforce by 66.3% during the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after acquiring an additional 625 shares in the last quarter. Parnassus Investments LLC boosted its stake in Salesforce by 0.3% during the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after acquiring an additional 18,397 shares in the last quarter. TD Asset Management Inc boosted its stake in Salesforce by 32.6% during the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after acquiring an additional 194,224 shares in the last quarter. Chicago Partners Investment Group LLC boosted its stake in Salesforce by 1.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock worth $1,983,000 after acquiring an additional 95 shares in the last quarter. Finally, M&G Plc bought a new position in Salesforce during the first quarter worth $2,178,000. 80.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CRM has been the topic of several research analyst reports. Jefferies Financial Group cut their target price on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a report on Friday, September 6th. TD Cowen upped their price objective on shares of Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Phillip Securities restated an “accumulate” rating and set a $305.00 price objective on shares of Salesforce in a report on Friday, August 30th. Finally, Truist Financial restated a “buy” rating and set a $300.00 price objective on shares of Salesforce in a report on Friday, August 30th. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $305.55.

Salesforce Price Performance

Shares of NYSE:CRM opened at $255.32 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $247.41 billion, a PE ratio of 45.92, a P/E/G ratio of 2.26 and a beta of 1.29. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The company has a 50-day moving average price of $253.61 and a two-hundred day moving average price of $267.11.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business earned $1.63 earnings per share. Equities analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently announced 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 0.63%. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Activity

In other news, insider Srinivas Tallapragada sold 942 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the transaction, the insider now directly owns 22,154 shares in the company, valued at $5,368,357.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the transaction, the insider now directly owns 828 shares in the company, valued at $202,702.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 942 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the completion of the sale, the insider now directly owns 22,154 shares in the company, valued at $5,368,357.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 62,376 shares of company stock worth $15,878,005. 3.20% of the stock is owned by company insiders.

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.