Salesforce, Inc. (NYSE:CRM) Shares Bought by M&T Bank Corp

M&T Bank Corp grew its holdings in Salesforce, Inc. (NYSE:CRM) by 5.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 193,314 shares of the CRM provider’s stock after buying an additional 10,084 shares during the period. M&T Bank Corp’s holdings in Salesforce were worth $52,912,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRM. Veritas Asset Management LLP acquired a new stake in Salesforce in the 3rd quarter valued at about $733,805,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Salesforce by 48.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares during the last quarter. KBC Group NV increased its holdings in shares of Salesforce by 171.2% in the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after purchasing an additional 1,032,068 shares during the last quarter. International Assets Investment Management LLC lifted its position in Salesforce by 23,664.2% during the third quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock worth $274,490,000 after buying an additional 998,628 shares in the last quarter. Finally, Farallon Capital Management LLC grew its holdings in Salesforce by 51.0% in the 2nd quarter. Farallon Capital Management LLC now owns 2,946,838 shares of the CRM provider’s stock valued at $757,632,000 after buying an additional 994,670 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRM has been the topic of several recent research reports. Citigroup boosted their price target on shares of Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Raymond James increased their price target on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Phillip Securities reaffirmed an “accumulate” rating and set a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. Northland Securities reiterated an “outperform” rating and issued a $440.00 price objective (up from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Finally, Piper Sandler lifted their target price on Salesforce from $325.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, December 2nd. Eight equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $372.86.

Salesforce Trading Down 2.9 %

NYSE CRM opened at $351.49 on Tuesday. The firm’s fifty day moving average price is $311.53 and its 200 day moving average price is $273.32. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $336.38 billion, a price-to-earnings ratio of 57.81, a price-to-earnings-growth ratio of 3.27 and a beta of 1.30.

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 the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same period in the previous year, the business posted $1.62 EPS. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, sell-side analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 18th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.46%. Salesforce’s dividend payout ratio (DPR) is 26.32%.

Insider Activity at Salesforce

In other news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s 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 transaction, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 140,982 shares of company stock worth $41,591,457 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

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.