Reynders McVeigh Capital Management LLC Has $11.93 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

Reynders McVeigh Capital Management LLC increased its stake in Salesforce, Inc. (NYSE:CRM) by 4,854.2% during the third quarter, Holdings Channel.com reports. The fund owned 43,597 shares of the CRM provider’s stock after buying an additional 42,717 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Salesforce were worth $11,933,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank lifted its stake in 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 buying an additional 96 shares during the period. Infrastructure Capital Advisors LLC acquired a new position in Salesforce in the third quarter valued at approximately $27,000. Clear Investment Research LLC lifted its stake in Salesforce by 816.7% in the second 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. Godsey & Gibb Inc. lifted its stake in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Salesforce in the second quarter valued at approximately $33,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Performance

Shares of CRM opened at $331.77 on Wednesday. The stock’s 50-day simple moving average is $304.68 and its 200 day simple moving average is $271.14. The stock has a market capitalization of $317.17 billion, a price-to-earnings ratio of 57.70, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $348.86.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same period last year, the company posted $1.62 EPS. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. Research analysts forecast that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CRM shares. Truist Financial reissued a “buy” rating and issued a $400.00 price target (up from $380.00) on shares of Salesforce in a research note on Wednesday. DA Davidson upped their target price on Salesforce from $250.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday. Loop Capital upped their price target on Salesforce from $270.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. upped their price target on Salesforce from $310.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Finally, Guggenheim reiterated a “neutral” rating on shares of Salesforce in a report on Wednesday. Eight research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $362.31.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Miguel Milano sold 719 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the sale, the insider now owns 4,659 shares of the company’s stock, valued at $1,597,151.79. This trade represents a 13.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now owns 7,006 shares in the company, valued at $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 140,982 shares of company stock valued at $41,591,457 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

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.