Cornercap Investment Counsel Inc. Has $1.32 Million Position in Salesforce, Inc. (NYSE:CRM)

Cornercap Investment Counsel Inc. lessened its position in Salesforce, Inc. (NYSE:CRM) by 43.8% during the 3rd quarter, Holdings Channel reports. The firm owned 4,807 shares of the CRM provider’s stock after selling 3,745 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Salesforce were worth $1,316,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Umpqua Bank raised its holdings in shares of Salesforce by 0.4% during the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock worth $2,110,000 after buying an additional 34 shares in the last quarter. Nvwm LLC grew its holdings in shares of Salesforce by 1.4% during the 3rd quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after purchasing an additional 36 shares during the last quarter. Prentice Wealth Management LLC increased its position in Salesforce by 1.5% during the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after purchasing an additional 37 shares in the last quarter. Private Wealth Management Group LLC boosted its position in Salesforce by 11.6% in the third quarter. Private Wealth Management Group LLC now owns 357 shares of the CRM provider’s stock valued at $98,000 after buying an additional 37 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. grew its position in Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after acquiring an additional 38 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated 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 sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Amy E. Weaver sold 897 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 $255,905.13. Following the completion of the transaction, the chief financial officer now directly owns 52,930 shares of the company’s stock, valued at approximately $15,100,399.70. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 144,373 shares of company stock valued at $41,250,680. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Trading Down 3.0 %

Shares of CRM opened at $331.56 on Friday. The firm has a market cap of $316.97 billion, a P/E ratio of 57.66, a price-to-earnings-growth ratio of 3.09 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The business has a 50-day moving average of $283.28 and a 200 day moving average of $265.84. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $348.86.

Salesforce (NYSE:CRM) last issued 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 business had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the firm posted $1.63 EPS. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is presently 27.83%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CRM shares. Truist Financial reissued a “buy” rating and set a $315.00 target price (up previously from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Loop Capital raised their target price on Salesforce from $270.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday. BNP Paribas raised Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Erste Group Bank restated a “hold” rating on shares of Salesforce in a report on Wednesday, September 11th. Finally, Citigroup increased their target price on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $322.51.

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.