Bay Rivers Group Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

Bay Rivers Group increased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,599 shares of the CRM provider’s stock after acquiring an additional 166 shares during the period. Bay Rivers Group’s holdings in Salesforce were worth $2,080,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of CRM. XN LP grew its holdings in Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after purchasing an additional 90,616 shares during the period. Atomi Financial Group Inc. grew its holdings in Salesforce by 27.5% in the 3rd quarter. Atomi Financial Group Inc. now owns 11,999 shares of the CRM provider’s stock valued at $3,284,000 after buying an additional 2,589 shares in the last quarter. M&G Plc acquired a new position in shares of Salesforce during the 1st quarter valued at about $2,178,000. First Foundation Advisors increased its position in Salesforce by 38.0% during the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock worth $249,000 after purchasing an additional 228 shares during the last quarter. Finally, Elevated Capital Advisors LLC purchased a new position in Salesforce during the third quarter worth about $523,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Salesforce

In other Salesforce news, insider Parker Harris sold 1,400 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $251.62, for a total value of $352,268.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at $29,585,731.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Brian Millham sold 969 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $286.56, for a total value of $277,676.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Parker Harris sold 1,400 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $251.62, for a total value of $352,268.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $29,585,731.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 83,581 shares of company stock worth $22,616,017 in the last three months. 3.20% of the stock is currently owned by company insiders.

Salesforce Price Performance

CRM stock traded up $5.21 during trading on Tuesday, hitting $298.98. The stock had a trading volume of 1,743,230 shares, compared to its average volume of 6,300,955. The stock has a market cap of $289.71 billion, a price-to-earnings ratio of 53.55, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 1-year low of $197.08 and a 1-year high of $318.71. 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 company’s 50 day moving average price is $270.30 and its two-hundred day moving average price is $262.75.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 earnings per share. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.54%. Salesforce’s dividend payout ratio is presently 28.78%.

Analysts Set New Price Targets

A number of equities research analysts have commented on CRM shares. FBN Securities upgraded Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Truist Financial reaffirmed a “buy” rating and set a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Citigroup raised their price target on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. BMO Capital Markets lifted their target price on Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. increased their price target on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $313.37.

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.