Norway Savings Bank Grows Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Norway Savings Bank grew its holdings in Salesforce, Inc. (NYSE:CRM) by 3.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,615 shares of the CRM provider’s stock after acquiring an additional 297 shares during the period. Salesforce comprises approximately 1.8% of Norway Savings Bank’s holdings, making the stock its 18th biggest holding. Norway Savings Bank’s holdings in Salesforce were worth $3,215,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CRM. Spartan Planning & Wealth Management acquired a new stake in Salesforce during the 4th quarter valued at $603,000. Regent Peak Wealth Advisors LLC grew its stake in shares of Salesforce by 3.6% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 2,447 shares of the CRM provider’s stock valued at $818,000 after acquiring an additional 84 shares in the last quarter. Diversified Trust Co increased its position in shares of Salesforce by 30.4% during the fourth quarter. Diversified Trust Co now owns 15,899 shares of the CRM provider’s stock worth $5,316,000 after acquiring an additional 3,706 shares during the last quarter. Canandaigua National Bank & Trust Co. lifted its stake in shares of Salesforce by 3.1% in the fourth quarter. Canandaigua National Bank & Trust Co. now owns 11,332 shares of the CRM provider’s stock worth $3,789,000 after acquiring an additional 344 shares in the last quarter. Finally, Capital Market Strategies LLC purchased a new position in Salesforce in the fourth quarter valued at about $230,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $289.87, for a total value of $1,217,454.00. Following the sale, the insider now directly owns 118,514 shares of the company’s stock, valued at $34,353,653.18. This trade represents a 3.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was 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 of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,181,817 shares of company stock valued at $404,760,429 in the last quarter. 3.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research analyst reports. Stifel Nicolaus lifted their price target on shares of Salesforce from $390.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Macquarie reaffirmed a “neutral” rating and issued a $370.00 price objective on shares of Salesforce in a report on Wednesday, December 18th. Wedbush reissued an “outperform” rating and set a $425.00 price target on shares of Salesforce in a report on Wednesday, December 18th. Cfra set a $343.00 price objective on Salesforce in a report on Thursday, October 17th. Finally, Morgan Stanley raised their price objective on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $375.39.

Salesforce Trading Down 1.9 %

Shares of Salesforce stock traded down $6.26 on Tuesday, hitting $324.27. The stock had a trading volume of 3,089,266 shares, compared to its average volume of 4,419,898. The firm has a market capitalization of $310.33 billion, a P/E ratio of 53.33, a PEG ratio of 3.21 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The stock has a 50 day moving average of $333.53 and a 200 day moving average of $287.43.

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

Salesforce Dividend Announcement

The firm 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 dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. Salesforce’s payout ratio is 26.32%.

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.