SouthState Corp Has $4.61 Million Holdings in Salesforce, Inc. (NYSE:CRM)

SouthState Corp decreased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 0.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,852 shares of the CRM provider’s stock after selling 143 shares during the quarter. SouthState Corp’s holdings in Salesforce were worth $4,613,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Bessemer Group Inc. grew its stake in shares of Salesforce by 103.5% during the first quarter. Bessemer Group Inc. now owns 54,761 shares of the CRM provider’s stock worth $16,494,000 after buying an additional 27,850 shares during the last quarter. Vaughan David Investments LLC IL acquired a new stake in Salesforce in the first quarter valued at $324,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Salesforce by 31.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 81,100 shares of the CRM provider’s stock worth $24,426,000 after purchasing an additional 19,200 shares in the last quarter. InterOcean Capital Group LLC lifted its stake in Salesforce by 18.0% in the first quarter. InterOcean Capital Group LLC now owns 4,062 shares of the CRM provider’s stock valued at $1,223,000 after buying an additional 621 shares during the period. Finally, Evermay Wealth Management LLC boosted its holdings in shares of Salesforce by 5.1% during the 1st quarter. Evermay Wealth Management LLC now owns 1,879 shares of the CRM provider’s stock worth $566,000 after buying an additional 91 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on CRM shares. JPMorgan Chase & Co. boosted their target price on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. JMP Securities reissued a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a research report on Wednesday, August 28th. Northland Securities raised Salesforce from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Scotiabank started coverage on Salesforce in a report on Monday. They issued a “sector outperform” rating and a $425.00 price target on the stock. Finally, UBS Group boosted their price objective on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $325.36.

Salesforce Trading Down 0.9 %

Shares of CRM opened at $322.25 on Tuesday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $348.86. The business has a 50-day moving average of $288.14 and a 200 day moving average of $266.96. The firm has a market cap of $308.07 billion, a P/E ratio of 56.04, a price-to-earnings-growth ratio of 2.94 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.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.63 earnings per share. As a group, research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. The trade was a 5.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Brian Millham sold 60,522 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,173 shares of company stock worth $40,146,206. 3.20% of the stock is owned by company insiders.

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.