Twin Capital Management Inc. Sells 553 Shares of Salesforce, Inc. (NYSE:CRM)

Twin Capital Management Inc. lowered its position in Salesforce, Inc. (NYSE:CRM) by 2.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,106 shares of the CRM provider’s stock after selling 553 shares during the quarter. Salesforce comprises approximately 0.8% of Twin Capital Management Inc.’s portfolio, making the stock its 18th largest holding. Twin Capital Management Inc.’s holdings in Salesforce were worth $6,343,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Salesforce in the fourth quarter valued at $1,420,381,000. Moneta Group Investment Advisors LLC boosted its position in Salesforce by 125,717.4% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock valued at $1,360,428,000 after buying an additional 10,252,257 shares during the period. Cerity Partners LLC boosted its position in Salesforce by 1,254.7% during the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after buying an additional 3,226,512 shares during the period. Starboard Value LP purchased a new stake in Salesforce during the fourth quarter valued at about $401,215,000. Finally, Barclays PLC boosted its position in Salesforce by 99.7% during the second quarter. Barclays PLC now owns 3,196,861 shares of the CRM provider’s stock valued at $675,370,000 after buying an additional 1,595,733 shares during the period. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 216 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total value of $60,201.36. Following the completion of the transaction, the chief accounting officer now directly owns 2,869 shares in the company, valued at approximately $799,618.99. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Sundeep G. Reddy sold 216 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total value of $60,201.36. Following the completion of the transaction, the chief accounting officer now directly owns 2,869 shares in the company, valued at approximately $799,618.99. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $284.11, for a total transaction of $2,841,100.00. Following the completion of the transaction, the insider now owns 60,976 shares of the company’s stock, valued at $17,323,891.36. The disclosure for this sale can be found here. Insiders sold a total of 907,149 shares of company stock worth $262,952,448 in the last three months. Insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Robert W. Baird upped their price target on shares of Salesforce from $310.00 to $355.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Argus increased their target price on shares of Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. JPMorgan Chase & Co. increased their target price on shares of Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. TheStreet upgraded shares of Salesforce from a “c+” rating to a “b-” rating in a report on Friday, January 19th. Finally, Piper Sandler reiterated a “neutral” rating and set a $300.00 target price on shares of Salesforce in a report on Monday. Nine equities research 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 stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $307.87.

Salesforce Stock Down 2.0 %

Shares of CRM stock traded down $5.45 during trading hours on Thursday, hitting $270.87. 2,497,330 shares of the company’s stock traded hands, compared to its average volume of 5,661,253. The stock’s fifty day simple moving average is $298.10 and its two-hundred day simple moving average is $260.89. Salesforce, Inc. has a 12-month low of $190.57 and a 12-month high of $318.71. The stock has a market cap of $262.74 billion, a price-to-earnings ratio of 65.28, a PEG ratio of 2.13 and a beta of 1.28. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

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

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were issued a $0.40 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.59%. Salesforce’s payout ratio is currently 9.52%.

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.