VeraBank N.A. Decreases Stock Holdings in Salesforce, Inc. (NYSE:CRM)

VeraBank N.A. reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 0.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,203 shares of the CRM provider’s stock after selling 61 shares during the quarter. VeraBank N.A.’s holdings in Salesforce were worth $1,972,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CRM. Capital Research Global Investors grew its holdings in Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after purchasing an additional 3,044,611 shares during the period. GQG Partners LLC bought a new stake in Salesforce in the 1st quarter worth approximately $910,220,000. Swedbank AB purchased a new stake in Salesforce during the first quarter valued at $874,748,000. Veritas Asset Management LLP bought a new position in shares of Salesforce in the 3rd quarter worth approximately $733,805,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Salesforce by 48.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after acquiring an additional 1,922,674 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Trading Up 3.6 %

NYSE CRM traded up $11.17 on Friday, hitting $321.95. 8,484,970 shares of the company were exchanged, compared to its average volume of 3,715,824. Salesforce, Inc. has a twelve month low of $208.84 and a twelve month high of $322.81. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $307.78 billion, a P/E ratio of 55.99, a price-to-earnings-growth ratio of 2.78 and a beta of 1.29. The company’s 50 day moving average price is $277.76 and its 200-day moving average price is $264.43.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the company earned $1.63 earnings per share. The company’s revenue was up 8.5% compared to the same quarter last year. Analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued 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 payout ratio is 27.83%.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, COO Brian Millham sold 60,522 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total transaction of $18,156,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the completion of the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at $30,920,275.57. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,573 shares of company stock valued at $42,319,874. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CRM shares. TD Cowen upped their target price on shares of Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. BNP Paribas upgraded Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Canaccord Genuity Group increased their price target on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Truist Financial reaffirmed a “buy” rating and set a $315.00 price objective (up from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. Finally, Sanford C. Bernstein increased their price target on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $313.37.

Salesforce 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.