Salesforce, Inc. (NYSE:CRM) Shares Sold by Legacy Private Trust Co.

Legacy Private Trust Co. reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 8.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,913 shares of the CRM provider’s stock after selling 472 shares during the quarter. Legacy Private Trust Co.’s holdings in Salesforce were worth $1,643,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. First Hawaiian Bank grew its position in Salesforce by 16.7% during the fourth quarter. First Hawaiian Bank now owns 13,326 shares of the CRM provider’s stock worth $4,455,000 after buying an additional 1,906 shares during the period. Douglas Lane & Associates LLC grew its holdings in shares of Salesforce by 57.5% in the 4th quarter. Douglas Lane & Associates LLC now owns 142,741 shares of the CRM provider’s stock worth $47,723,000 after acquiring an additional 52,104 shares during the period. Fulton Bank N.A. increased its stake in Salesforce by 13.7% in the 4th quarter. Fulton Bank N.A. now owns 10,541 shares of the CRM provider’s stock valued at $3,524,000 after purchasing an additional 1,272 shares in the last quarter. Worth Asset Management LLC acquired a new position in Salesforce during the fourth quarter worth $2,812,000. Finally, One Wealth Capital Management LLC purchased a new stake in Salesforce during the fourth quarter worth $252,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRM. Scotiabank lifted their target price on shares of Salesforce from $425.00 to $440.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company lifted their price objective on Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 12th. Truist Financial reiterated a “buy” rating and set a $400.00 target price (up previously from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Cfra set a $343.00 price target on Salesforce in a report on Thursday, October 17th. Finally, Loop Capital increased their price objective on Salesforce from $340.00 to $360.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $376.05.

Salesforce Stock Up 0.5 %

Shares of Salesforce stock opened at $326.67 on Thursday. The stock has a 50-day simple moving average of $334.65 and a 200-day simple moving average of $288.26. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The firm has a market cap of $312.62 billion, a price-to-earnings ratio of 53.73, a P/E/G ratio of 3.21 and a beta of 1.30. 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 (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 EPS. On average, equities research analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend is Wednesday, December 18th. Salesforce’s dividend payout ratio is 26.32%.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director G Mason Morfit sold 722,300 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the completion of the transaction, the director now owns 3,192,009 shares in the company, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,181,817 shares of company stock valued at $404,760,429. Corporate insiders own 3.20% of the company’s stock.

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.