Salesforce, Inc. (NYSE:CRM) Shares Sold by Planning Capital Management Corp

Planning Capital Management Corp lowered its holdings in Salesforce, Inc. (NYSE:CRM) by 85.5% in the third quarter, HoldingsChannel reports. The firm owned 116 shares of the CRM provider’s stock after selling 682 shares during the period. Planning Capital Management Corp’s holdings in Salesforce were worth $32,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Salesforce by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after acquiring an additional 1,008,841 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after buying an additional 3,044,611 shares in the last quarter. Capital International Investors raised its stake in shares of Salesforce by 3.0% in the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after buying an additional 407,834 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Salesforce by 2.2% in the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after buying an additional 176,641 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after buying an additional 1,922,674 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CRM shares. TD Cowen boosted their target price on Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Truist Financial reiterated a “buy” rating and set a $315.00 target price (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Stifel Nicolaus raised their price objective on shares of Salesforce from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Raymond James lifted their price objective 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. Finally, BNP Paribas raised shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $320.23.

Insiders Place Their Bets

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the firm’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 $255,905.13. Following the sale, the chief financial officer now directly owns 52,930 shares of the company’s stock, valued at $15,100,399.70. This trade represents a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,373 shares of company stock valued at $41,250,680 over the last three months. Insiders own 3.20% of the company’s stock.

Salesforce Stock Down 3.0 %

Shares of CRM opened at $331.56 on Friday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $348.86. The stock has a market capitalization of $316.97 billion, a price-to-earnings ratio of 57.66, a PEG ratio of 3.09 and a beta of 1.29. 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 stock has a fifty day moving average of $283.28 and a 200-day moving average of $265.84.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the business earned $1.63 EPS. The company’s quarterly revenue was up 8.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors 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 annualized dividend and a yield of 0.48%. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

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.