Graypoint LLC Cuts Position in Salesforce, Inc. (NYSE:CRM)

Graypoint LLC reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 19.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,034 shares of the CRM provider’s stock after selling 1,915 shares during the period. Graypoint LLC’s holdings in Salesforce were worth $2,199,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CRM. Piscataqua Savings Bank lifted its position in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares in the last quarter. Clear Investment Research LLC grew its holdings in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares during the period. Stephens Consulting LLC increased its stake in shares of Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 125 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Salesforce during the 2nd quarter valued at about $33,000. Finally, Godsey & Gibb Inc. lifted its holdings in shares of Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Salesforce

In related news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the transaction, the chief financial officer now directly owns 52,930 shares in the company, valued at $15,100,399.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $255,905.13. Following the sale, the chief financial officer now directly owns 52,930 shares in the company, valued at $15,100,399.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,573 shares of company stock worth $42,319,874. 3.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Canaccord Genuity Group upped their price target on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Truist Financial restated a “buy” rating and set a $315.00 price objective (up from $300.00) on shares of Salesforce in a report on Thursday, September 19th. UBS Group increased their target price on Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. BMO Capital Markets upped their price target on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, Cfra set a $343.00 price objective on Salesforce in a research note on Thursday, October 17th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $313.37.

Salesforce Stock Performance

CRM stock opened at $310.78 on Friday. The firm has a market cap of $297.11 billion, a P/E ratio of 54.05, a P/E/G ratio of 2.70 and a beta of 1.29. The stock’s 50 day simple moving average is $275.30 and its 200 day simple moving average is $263.86. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 12-month low of $208.84 and a 12-month high of $318.71.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping 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 company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the prior year, the company earned $1.63 earnings per share. The firm’s revenue was up 8.5% compared to the same quarter last year. As a group, equities research analysts predict that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

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.