SouthState Corp Sells 143 Shares of Salesforce, Inc. (NYSE:CRM)

SouthState Corp decreased its stake in Salesforce, Inc. (NYSE:CRM) by 0.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,852 shares of the CRM provider’s stock after selling 143 shares during the period. SouthState Corp’s holdings in Salesforce were worth $4,613,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CRM. Piscataqua Savings Bank increased its stake in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the last quarter. Clear Investment Research LLC boosted its holdings 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 purchasing an additional 98 shares in the last quarter. Stephens Consulting LLC increased its position in shares of Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Salesforce during the 2nd quarter valued at about $33,000. Finally, Godsey & Gibb Inc. lifted its position in Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after buying an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on CRM shares. UBS Group increased their price target on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Erste Group Bank reissued a “hold” rating on shares of Salesforce in a research note on Wednesday, September 11th. FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Citigroup lifted their price objective on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. increased their target price on Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $325.36.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 3,970 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the sale, the insider now directly owns 119,402 shares of the company’s stock, valued at $35,431,349.48. This trade represents a 3.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Brian Millham sold 60,522 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 140,173 shares of company stock worth $40,146,206. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of CRM opened at $322.25 on Tuesday. Salesforce, Inc. has a one year low of $212.00 and a one year high of $348.86. The business has a fifty day moving average of $288.14 and a 200 day moving average of $266.96. 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 firm has a market capitalization of $308.07 billion, a P/E ratio of 56.04, a PEG ratio of 2.94 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 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.63 EPS. As a group, sell-side analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.50%. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

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.