Migdal Insurance & Financial Holdings Ltd. Acquires 936 Shares of Salesforce, Inc. (NYSE:CRM)

Migdal Insurance & Financial Holdings Ltd. boosted its stake in Salesforce, Inc. (NYSE:CRM) by 47.2% in the second quarter, HoldingsChannel.com reports. The firm owned 2,919 shares of the CRM provider’s stock after buying an additional 936 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Salesforce were worth $745,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Chase Investment Counsel Corp grew its position in Salesforce by 0.3% during the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after acquiring an additional 36 shares during the last quarter. JFS Wealth Advisors LLC raised its holdings in Salesforce by 11.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after acquiring an additional 36 shares during the last quarter. Fox Hill Wealth Management lifted its stake in Salesforce by 4.0% during the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after acquiring an additional 38 shares during the period. Pinnacle Wealth Planning Services Inc. raised its stake in Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after buying an additional 38 shares during the last quarter. Finally, Glassman Wealth Services raised its stake in shares of Salesforce by 2.9% in the fourth quarter. Glassman Wealth Services now owns 1,369 shares of the CRM provider’s stock worth $360,000 after buying an additional 39 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Down 0.8 %

CRM stock traded down $1.99 during trading on Thursday, reaching $256.91. The company had a trading volume of 14,295,406 shares, compared to its average volume of 6,611,886. The company has a market cap of $248.95 billion, a P/E ratio of 46.22, a PEG ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50 day moving average of $253.98 and a 200 day moving average of $271.54. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $1.92 EPS for the quarter, beating the consensus estimate of $1.73 by $0.19. The business had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.63 earnings per share. As a group, sell-side analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 annualized dividend and a yield of 0.62%. Salesforce’s payout ratio is 28.78%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CRM shares. Stifel Nicolaus boosted their price objective on shares of Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday. Truist Financial reissued a “buy” rating and issued a $300.00 price target (down from $360.00) on shares of Salesforce in a report on Thursday, May 30th. Robert W. Baird upped their price target on Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a research report on Thursday. Macquarie cut their price objective on Salesforce from $330.00 to $275.00 and set an “outperform” rating on the stock in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. raised their target price on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $301.91.

Insiders Place Their Bets

In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total transaction of $1,104,180.00. Following the sale, the insider now owns 117,581 shares in the company, valued at approximately $30,912,044.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total transaction of $1,104,180.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at approximately $30,912,044.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Miguel Milano sold 2,934 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $262.95, for a total value of $771,495.30. Following the completion of the transaction, the insider now directly owns 3,716 shares in the company, valued at $977,122.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,964 shares of company stock worth $27,956,647. Company 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.