MetLife Investment Management LLC Cuts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

MetLife Investment Management LLC reduced its stake in Salesforce, Inc. (NYSE:CRM) by 2.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 287,637 shares of the CRM provider’s stock after selling 7,714 shares during the quarter. Salesforce makes up 0.5% of MetLife Investment Management LLC’s investment portfolio, making the stock its 29th largest holding. MetLife Investment Management LLC’s holdings in Salesforce were worth $78,729,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the stock. Piscataqua Savings Bank boosted its holdings in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the last quarter. Clear Investment Research LLC boosted its stake in shares of Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the last quarter. Stephens Consulting LLC grew its holdings in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 125 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Salesforce during the second quarter worth $33,000. Finally, Godsey & Gibb Inc. grew its stake in Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 90 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Down 2.0 %

CRM opened at $336.46 on Wednesday. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $348.86. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average price of $298.02 and a 200-day moving average price of $269.44. The stock has a market capitalization of $321.66 billion, a price-to-earnings ratio of 59.69, a PEG ratio of 3.07 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, beating the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the prior year, the firm earned $1.63 EPS. The company’s revenue was up 8.5% compared to the same quarter last year. Equities research analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders 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 payout ratio is 27.83%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CRM shares. Morgan Stanley boosted their price target on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Jefferies Financial Group lifted their price target on shares of Salesforce from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Monday, November 11th. BMO Capital Markets increased their price objective on Salesforce from $305.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 15th. BNP Paribas upgraded Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, DA Davidson increased their price target on Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $339.66.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction 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 SEC, which can be accessed through the SEC website. Also, insider Sabastian Niles sold 2,484 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the completion of the transaction, the insider now owns 828 shares in the company, valued at $202,702.68. The trade was a 75.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,510 shares of company stock worth $42,475,538 in the last three months. 3.20% of the stock is currently owned by company insiders.

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.