Salesforce, Inc. (NYSE:CRM) Shares Sold by First Interstate Bank

First Interstate Bank cut its position in Salesforce, Inc. (NYSE:CRM) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,863 shares of the CRM provider’s stock after selling 152 shares during the quarter. First Interstate Bank’s holdings in Salesforce were worth $4,335,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Spartan Planning & Wealth Management grew its position in shares of Salesforce by 66.3% during the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after acquiring an additional 625 shares during the last quarter. Parnassus Investments LLC boosted its stake in Salesforce by 0.3% during the 4th quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after purchasing an additional 18,397 shares during the period. TD Asset Management Inc grew its position in Salesforce by 32.6% during the 4th quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after purchasing an additional 194,224 shares during the last quarter. Chicago Partners Investment Group LLC increased its stake in Salesforce by 1.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock valued at $1,983,000 after purchasing an additional 95 shares during the period. Finally, M&G Plc purchased a new stake in shares of Salesforce in the first quarter valued at about $2,178,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

CRM has been the topic of a number of research reports. Robert W. Baird raised their price target on Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Oppenheimer boosted their target price on Salesforce from $280.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Wedbush restated an “outperform” rating and set a $315.00 price target on shares of Salesforce in a research note on Thursday, August 29th. Loop Capital lifted their price objective on shares of Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Finally, Truist Financial restated a “buy” rating and set a $300.00 price objective on shares of Salesforce in a research report on Friday, August 30th. Eight research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $304.41.

Insider Transactions at Salesforce

In related news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the transaction, the chief financial officer now directly owns 51,109 shares in the company, valued at $13,072,660.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Parker Harris sold 3,528 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $250.59, for a total value of $884,081.52. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at $29,464,622.79. The disclosure for this sale can be found here. Insiders sold a total of 59,892 shares of company stock worth $15,269,897 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Trading Up 0.7 %

Shares of Salesforce stock opened at $245.76 on Tuesday. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50 day moving average price of $254.31 and a 200 day moving average price of $269.24. The company has a market capitalization of $238.14 billion, a P/E ratio of 44.20, a P/E/G ratio of 2.21 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping 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 company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 earnings per share. Sell-side analysts anticipate that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.65%. Salesforce’s dividend payout ratio is currently 28.78%.

About Salesforce

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.