Salesforce, Inc. (NYSE:CRM) Shares Sold by Symphony Financial Ltd. Co.

Symphony Financial Ltd. Co. cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 11.4% during the first quarter, HoldingsChannel.com reports. The firm owned 10,535 shares of the CRM provider’s stock after selling 1,360 shares during the period. Symphony Financial Ltd. Co.’s holdings in Salesforce were worth $3,173,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CRM. Norges Bank acquired a new position in shares of Salesforce during the fourth quarter worth $2,762,331,000. Capital International Investors increased its position in shares of Salesforce by 76.4% in the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after acquiring an additional 5,935,973 shares during the period. Cerity Partners LLC increased its position in shares of Salesforce by 1,254.7% in the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after acquiring an additional 3,226,512 shares during the period. Coatue Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at $564,188,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Salesforce by 110.3% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,394,912 shares of the CRM provider’s stock valued at $893,336,000 after acquiring an additional 1,780,421 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRM has been the topic of several research reports. Raymond James reissued a “strong-buy” rating and issued a $325.00 target price (down from $380.00) on shares of Salesforce in a research report on Thursday, May 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $350.00 price target on shares of Salesforce in a research report on Friday, May 24th. Truist Financial reaffirmed a “buy” rating and set a $300.00 price target (down from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. Canaccord Genuity Group cut their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Finally, KeyCorp assumed coverage on Salesforce in a research report on Thursday, March 21st. They set a “sector weight” rating on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 5,600 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $250.17, for a total value of $1,400,952.00. Following the completion of the transaction, the insider now owns 116,693 shares of the company’s stock, valued at approximately $29,193,087.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, insider Parker Harris sold 5,600 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $250.17, for a total value of $1,400,952.00. Following the completion of the transaction, the insider now owns 116,693 shares of the company’s stock, valued at approximately $29,193,087.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 547,387 shares of company stock worth $151,174,635. Insiders own 3.20% of the company’s stock.

Salesforce Trading Up 1.7 %

Salesforce stock traded up $4.25 during trading on Friday, hitting $257.10. The company had a trading volume of 12,619,303 shares, compared to its average volume of 11,223,949. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company’s 50 day simple moving average is $259.79 and its 200-day simple moving average is $276.34. The stock has a market cap of $249.13 billion, a price-to-earnings ratio of 46.24, a price-to-earnings-growth ratio of 2.26 and a beta of 1.25.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter last year, the firm earned $1.15 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts expect that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Tuesday, July 9th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, July 9th. This represents a $1.60 annualized dividend and a yield of 0.62%. Salesforce’s dividend payout ratio (DPR) is presently 7.19%.

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.