Pin Oak Investment Advisors Inc. Sells 351 Shares of Salesforce, Inc. (NYSE:CRM)

Pin Oak Investment Advisors Inc. lessened its stake in Salesforce, Inc. (NYSE:CRM) by 67.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 167 shares of the CRM provider’s stock after selling 351 shares during the period. Pin Oak Investment Advisors Inc.’s holdings in Salesforce were worth $45,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CRM. Veritas Asset Management LLP bought a new stake in shares of Salesforce in the 3rd quarter valued at about $733,805,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares during the period. AMF Tjanstepension AB lifted its stake in shares of Salesforce by 376.1% in the 2nd quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock valued at $370,873,000 after purchasing an additional 1,139,472 shares during the period. KBC Group NV lifted its stake in shares of Salesforce by 171.2% in the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after purchasing an additional 1,032,068 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in shares of Salesforce by 23,664.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock valued at $274,490,000 after purchasing an additional 998,628 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

Shares of NYSE CRM traded down $13.17 during trading hours on Thursday, reaching $330.01. 7,471,475 shares of the stock traded hands, compared to its average volume of 6,302,406. The company has a market capitalization of $315.49 billion, a P/E ratio of 57.39, a price-to-earnings-growth ratio of 3.07 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $348.86. The company’s 50-day simple moving average is $299.57 and its two-hundred day simple moving average is $269.87.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the firm posted $1.63 EPS. Equities research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. Salesforce’s dividend payout ratio is 27.83%.

Insiders Place Their Bets

In other Salesforce news, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the transaction, the insider now directly owns 4,659 shares of the company’s stock, valued at $1,597,151.79. The trade was a 13.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 3,528 shares of Salesforce stock in a transaction that occurred on 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 owns 117,581 shares in the company, valued at approximately $29,464,622.79. This represents a 2.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 144,510 shares of company stock valued at $42,475,538 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wedbush boosted their price objective on Salesforce from $325.00 to $375.00 and gave the company an “outperform” rating in a research note on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price target on shares of Salesforce in a research note on Friday, September 20th. Truist Financial upped their price target on Salesforce from $315.00 to $380.00 and gave the stock a “buy” rating in a research note on Monday. Roth Mkm reaffirmed a “buy” rating and set a $335.00 price target on shares of Salesforce in a research note on Thursday, August 29th. Finally, DA Davidson upped 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 investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus target price of $341.89.

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.