Quintet Private Bank Europe S.A. Raises Stake in Salesforce, Inc. (NYSE:CRM)

Quintet Private Bank Europe S.A. grew its position in Salesforce, Inc. (NYSE:CRM) by 17.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,973 shares of the CRM provider’s stock after acquiring an additional 3,792 shares during the period. Quintet Private Bank Europe S.A.’s holdings in Salesforce were worth $7,109,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Research Global Investors lifted its stake in shares of Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares during the period. GQG Partners LLC acquired a new position in Salesforce during the first quarter worth about $910,220,000. Swedbank AB acquired a new position in Salesforce during the first quarter worth about $874,748,000. Veritas Asset Management LLP acquired a new position in Salesforce during the third quarter worth about $733,805,000. Finally, Massachusetts Financial Services Co. MA raised its position in Salesforce by 48.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after acquiring an additional 1,922,674 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRM. Truist Financial restated 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. Wedbush upped their price objective on shares of Salesforce from $315.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Loop Capital reissued a “hold” rating and set a $270.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. BNP Paribas raised shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, UBS Group upped their price target on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $313.37.

Salesforce Stock Down 0.3 %

NYSE CRM traded down $0.83 during trading hours on Monday, reaching $293.89. 678,139 shares of the company traded hands, compared to its average volume of 6,247,751. The company has a 50 day moving average of $273.02 and a two-hundred day moving average of $263.18. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 12 month low of $204.69 and a 12 month high of $318.71. The stock has a market capitalization of $280.96 billion, a PE ratio of 51.11, a PEG ratio of 2.64 and a beta of 1.29.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping 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 company had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period last year, the firm posted $1.63 EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. Salesforce’s payout ratio is currently 27.83%.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $298.04, for a total value of $1,251,768.00. Following the sale, the insider now owns 119,402 shares of the company’s stock, valued at $35,586,572.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $298.04, for a total transaction of $1,251,768.00. Following the transaction, the insider now owns 119,402 shares of the company’s stock, valued at approximately $35,586,572.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,303 shares of company stock worth $42,024,385. 3.20% of the stock is currently owned by 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.