First United Bank & Trust Cuts Stock Position in Salesforce, Inc. (NYSE:CRM)

First United Bank & Trust lowered its holdings in Salesforce, Inc. (NYSE:CRM) by 2.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,464 shares of the CRM provider’s stock after selling 113 shares during the period. First United Bank & Trust’s holdings in Salesforce were worth $1,222,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. XN LP raised its stake in shares of Salesforce by 24.2% during the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after purchasing an additional 90,616 shares during the period. Atomi Financial Group Inc. grew its position in Salesforce by 27.5% during the third quarter. Atomi Financial Group Inc. now owns 11,999 shares of the CRM provider’s stock worth $3,284,000 after buying an additional 2,589 shares in the last quarter. M&G Plc purchased a new position in Salesforce during the first quarter worth about $2,178,000. First Foundation Advisors grew its position in Salesforce by 38.0% during the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock worth $249,000 after buying an additional 228 shares in the last quarter. Finally, St. Johns Investment Management Company LLC boosted its holdings in shares of Salesforce by 4.1% in the 1st quarter. St. Johns Investment Management Company LLC now owns 5,834 shares of the CRM provider’s stock worth $1,757,000 after purchasing an additional 228 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the transaction, the insider now owns 118,514 shares of the company’s stock, valued at approximately $34,181,807.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total value of $1,211,364.00. Following the transaction, the insider now owns 118,514 shares of the company’s stock, valued at $34,181,807.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sabastian Niles sold 2,484 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the transaction, the insider now directly owns 828 shares in the company, valued at approximately $202,702.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,412 shares of company stock worth $20,212,507. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE:CRM opened at $288.31 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The business’s 50-day simple moving average is $263.98 and its two-hundred day simple moving average is $263.46. The stock has a market cap of $279.37 billion, a PE ratio of 51.85, a P/E/G ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71.

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

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.55%. Salesforce’s dividend payout ratio is currently 28.78%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CRM shares. Erste Group Bank reiterated a “hold” rating on shares of Salesforce in a report on Wednesday, September 11th. Needham & Company LLC reiterated a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a report on Friday, September 20th. Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $270.00 to $400.00 in a report on Wednesday, October 2nd. Piper Sandler cut Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $300.00 target price on shares of Salesforce in a report on Thursday, September 19th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $310.74.

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.