Intrust Bank NA Increases Position in Salesforce, Inc. (NYSE:CRM)

Intrust Bank NA grew its holdings in Salesforce, Inc. (NYSE:CRM) by 1.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,174 shares of the CRM provider’s stock after purchasing an additional 85 shares during the quarter. Intrust Bank NA’s holdings in Salesforce were worth $2,398,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. OneAscent Wealth Management LLC boosted its stake in Salesforce by 7.7% during the fourth quarter. OneAscent Wealth Management LLC now owns 1,220 shares of the CRM provider’s stock worth $408,000 after buying an additional 87 shares during the last quarter. Allstate Corp boosted its position in shares of Salesforce by 3,301.4% during the 4th quarter. Allstate Corp now owns 28,368 shares of the CRM provider’s stock valued at $9,484,000 after acquiring an additional 27,534 shares during the last quarter. Maridea Wealth Management LLC purchased a new stake in shares of Salesforce in the fourth quarter valued at about $270,000. RiverFront Investment Group LLC purchased a new position in Salesforce during the fourth quarter worth about $223,000. Finally, Gardner Lewis Asset Management L P boosted its holdings in Salesforce by 61.9% in the 4th quarter. Gardner Lewis Asset Management L P now owns 7,405 shares of the CRM provider’s stock valued at $2,476,000 after purchasing an additional 2,830 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CRM shares. Guggenheim reaffirmed a “sell” rating and set a $247.00 price target on shares of Salesforce in a research report on Thursday, February 27th. Royal Bank of Canada upped their price target on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Wedbush reissued an “outperform” rating and set a $425.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Piper Sandler restated an “overweight” rating on shares of Salesforce in a research note on Wednesday, March 19th. Finally, Morgan Stanley raised their price target on shares of Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $362.74.

Salesforce Trading Down 2.8 %

Shares of CRM opened at $270.04 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The stock has a market cap of $259.51 billion, a price-to-earnings ratio of 44.42, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The firm has a 50 day simple moving average of $309.39 and a 200-day simple moving average of $310.68.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.62%. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 10th. Salesforce’s payout ratio is 25.16%.

Insider Activity

In other news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $298,055.16. Following the completion of the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at $15,534,090. The trade was a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the sale, the chief accounting officer now directly owns 7,057 shares of the company’s stock, valued at $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,660 shares of company stock worth $14,095,336 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

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.