Passumpsic Savings Bank Raises Stake in Salesforce, Inc. (NYSE:CRM)

Passumpsic Savings Bank lifted its position in shares of Salesforce, Inc. (NYSE:CRM) by 1.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 7,332 shares of the CRM provider’s stock after purchasing an additional 87 shares during the quarter. Passumpsic Savings Bank’s holdings in Salesforce were worth $2,007,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CRM. Invst LLC raised its position in shares of Salesforce by 4.2% in the 3rd quarter. Invst LLC now owns 17,003 shares of the CRM provider’s stock valued at $4,654,000 after purchasing an additional 685 shares in the last quarter. M&T Bank Corp raised its position in shares of Salesforce by 5.5% in the 3rd quarter. M&T Bank Corp now owns 193,314 shares of the CRM provider’s stock valued at $52,912,000 after purchasing an additional 10,084 shares in the last quarter. Hohimer Wealth Management LLC raised its position in shares of Salesforce by 3.5% in the 3rd quarter. Hohimer Wealth Management LLC now owns 4,541 shares of the CRM provider’s stock valued at $1,243,000 after purchasing an additional 154 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of Salesforce by 112.8% in the 3rd quarter. TD Private Client Wealth LLC now owns 16,883 shares of the CRM provider’s stock valued at $4,621,000 after purchasing an additional 8,949 shares in the last quarter. Finally, Virtue Capital Management LLC raised its position in shares of Salesforce by 19.2% in the 3rd quarter. Virtue Capital Management LLC now owns 2,456 shares of the CRM provider’s stock valued at $672,000 after purchasing an additional 396 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Trading Up 0.7 %

NYSE CRM opened at $351.41 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a market cap of $336.30 billion, a price-to-earnings ratio of 57.38, a price-to-earnings-growth ratio of 3.27 and a beta of 1.30. The business’s fifty day moving average is $311.53 and its 200 day moving average is $273.32.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. During the same period last year, the business posted $1.62 earnings per share. The business’s revenue was up 8.3% on a year-over-year basis. As a group, sell-side analysts expect that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 18th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Wednesday, December 18th. Salesforce’s payout ratio is 26.32%.

Wall Street Analyst Weigh In

CRM has been the topic of several research reports. Sanford C. Bernstein upped their price target on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Evercore ISI reissued an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Monday, August 26th. Phillip Securities reissued an “accumulate” rating and set a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. Oppenheimer restated an “outperform” rating and set a $415.00 price objective (up from $385.00) on shares of Salesforce in a research note on Wednesday, December 4th. Finally, Raymond James upped their price objective on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $372.86.

Insider Activity at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total value of $1,079,568.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $30,223,020.24. This represents a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Miguel Milano sold 719 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $342.81, for a total value of $246,480.39. Following the completion of the transaction, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. This represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 138,498 shares of company stock valued at $40,983,349 in the last three months. Corporate insiders own 3.20% of the company’s stock.

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.