Trust Point Inc. Makes New Investment in Salesforce, Inc. (NYSE:CRM)

Trust Point Inc. acquired a new position in shares of Salesforce, Inc. (NYSE:CRMFree Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,505 shares of the CRM provider’s stock, valued at approximately $1,449,000.

A number of other large investors have also recently bought and sold shares of the company. Parcion Private Wealth LLC grew its stake in Salesforce by 9.0% during the fourth quarter. Parcion Private Wealth LLC now owns 5,343 shares of the CRM provider’s stock worth $1,406,000 after buying an additional 442 shares in the last quarter. UMB Bank n.a. grew its stake in Salesforce by 0.5% during the fourth quarter. UMB Bank n.a. now owns 89,439 shares of the CRM provider’s stock worth $23,535,000 after buying an additional 464 shares in the last quarter. DAVENPORT & Co LLC grew its stake in Salesforce by 3.8% during the fourth quarter. DAVENPORT & Co LLC now owns 4,578 shares of the CRM provider’s stock worth $1,205,000 after buying an additional 167 shares in the last quarter. Coastline Trust Co grew its stake in Salesforce by 12.4% during the fourth quarter. Coastline Trust Co now owns 5,582 shares of the CRM provider’s stock worth $1,469,000 after buying an additional 618 shares in the last quarter. Finally, Stonegate Investment Group LLC grew its stake in Salesforce by 3.8% during the fourth quarter. Stonegate Investment Group LLC now owns 7,176 shares of the CRM provider’s stock worth $1,888,000 after buying an additional 260 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $251.61, for a total value of $3,774,150.00. Following the completion of the transaction, the chief executive officer now owns 13,896,166 shares in the company, valued at $3,496,414,327.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $251.61, for a total value of $3,774,150.00. Following the sale, the chief executive officer now directly owns 13,896,166 shares of the company’s stock, valued at $3,496,414,327.26. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Brian Millham sold 24,453 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $302.08, for a total value of $7,386,762.24. The disclosure for this sale can be found here. Insiders sold a total of 913,175 shares of company stock worth $261,391,996 over the last quarter. 3.70% of the stock is owned by corporate insiders.

Salesforce Trading Up 0.7 %

Shares of Salesforce stock traded up $2.10 during midday trading on Wednesday, reaching $306.10. 941,483 shares of the company’s stock traded hands, compared to its average volume of 5,627,639. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $296.92 billion, a PE ratio of 73.06, a price-to-earnings-growth ratio of 2.32 and a beta of 1.28. The stock has a 50 day moving average of $296.10 and a 200-day moving average of $254.65. Salesforce, Inc. has a 12 month low of $187.31 and a 12 month high of $318.71.

Salesforce (NYSE:CRMGet Free Report) last announced its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 earnings per share. As a group, equities analysts expect that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.52%. Salesforce’s dividend payout ratio is presently 9.52%.

Analyst Ratings Changes

CRM has been the subject of a number of research reports. Morgan Stanley raised shares of Salesforce from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $290.00 to $350.00 in a report on Thursday, December 21st. Truist Financial reissued a “buy” rating and issued a $360.00 target price (up previously from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Robert W. Baird increased their target price on shares of Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Mizuho reissued a “buy” rating and issued a $345.00 target price (up previously from $325.00) on shares of Salesforce in a report on Thursday, February 29th. Finally, UBS Group increased their target price on shares of Salesforce from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $304.97.

Check Out Our Latest Research Report on CRM

About Salesforce

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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