Thomasville National Bank Grows Stake in Salesforce, Inc. (NYSE:CRM)

Thomasville National Bank raised its stake in Salesforce, Inc. (NYSE:CRM) by 1.2% during the 1st quarter, HoldingsChannel reports. The firm owned 102,231 shares of the CRM provider’s stock after acquiring an additional 1,221 shares during the quarter. Salesforce accounts for about 2.0% of Thomasville National Bank’s portfolio, making the stock its 17th largest position. Thomasville National Bank’s holdings in Salesforce were worth $27,435,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Capital Advisors Ltd. LLC raised its position in Salesforce by 4.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after purchasing an additional 31 shares during the period. Prossimo Advisors LLC increased its position in shares of Salesforce by 1.0% during the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after acquiring an additional 32 shares during the last quarter. Mainstream Capital Management LLC increased its position in shares of Salesforce by 0.5% during the fourth quarter. Mainstream Capital Management LLC now owns 6,409 shares of the CRM provider’s stock worth $2,143,000 after acquiring an additional 33 shares during the last quarter. Warren Street Wealth Advisors LLC increased its position in shares of Salesforce by 3.9% during the fourth quarter. Warren Street Wealth Advisors LLC now owns 896 shares of the CRM provider’s stock worth $300,000 after acquiring an additional 34 shares during the last quarter. Finally, Citizens National Bank Trust Department increased its position in shares of Salesforce by 1.9% during the fourth quarter. Citizens National Bank Trust Department now owns 1,924 shares of the CRM provider’s stock worth $643,000 after acquiring an additional 35 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Price Performance

Shares of NYSE:CRM opened at $266.56 on Friday. Salesforce, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00. The stock has a market cap of $254.83 billion, a price-to-earnings ratio of 43.84, a PEG ratio of 2.58 and a beta of 1.38. The stock’s 50 day moving average price is $267.80 and its 200 day moving average price is $300.72. 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 announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.83 billion for the quarter, compared to analysts’ expectations of $9.74 billion. During the same quarter in the previous year, the company earned $2.44 earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th will be issued a $0.416 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.62%. Salesforce’s dividend payout ratio is currently 25.98%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CRM shares. Canaccord Genuity Group dropped their target price on Salesforce from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, May 28th. Loop Capital dropped their target price on Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. Cantor Fitzgerald started coverage on Salesforce in a research report on Tuesday, June 3rd. They set an “overweight” rating and a $325.00 target price on the stock. Royal Bank of Canada lowered Salesforce from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $420.00 to $275.00 in a research report on Thursday, May 29th. Finally, The Goldman Sachs Group boosted their price objective on Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $346.34.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $275.00, for a total value of $137,500.00. Following the transaction, the chief accounting officer now directly owns 11,711 shares in the company, valued at $3,220,525. The trade was a 4.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the completion of the transaction, the insider now owns 9,323 shares in the company, valued at $2,605,219.12. The trade was a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,332 shares of company stock worth $11,024,802. Insiders own 3.20% of the company’s stock.

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.