Arrow Financial Corp Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

Arrow Financial Corp grew its position in shares of Salesforce, Inc. (NYSE:CRM) by 3.9% during the third quarter, HoldingsChannel reports. The firm owned 26,235 shares of the CRM provider’s stock after buying an additional 985 shares during the period. Arrow Financial Corp’s holdings in Salesforce were worth $7,181,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CRM. Reynders McVeigh Capital Management LLC lifted its holdings in Salesforce by 12.4% in the 1st quarter. Reynders McVeigh Capital Management LLC now owns 905 shares of the CRM provider’s stock worth $273,000 after buying an additional 100 shares in the last quarter. NorthRock Partners LLC increased its position in shares of Salesforce by 13.2% during the first quarter. NorthRock Partners LLC now owns 10,294 shares of the CRM provider’s stock worth $3,100,000 after acquiring an additional 1,201 shares during the last quarter. Pointe Capital Management LLC lifted its stake in shares of Salesforce by 13.1% in the first quarter. Pointe Capital Management LLC now owns 1,985 shares of the CRM provider’s stock worth $598,000 after acquiring an additional 230 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in Salesforce by 6.5% in the first quarter. Meeder Advisory Services Inc. now owns 11,735 shares of the CRM provider’s stock valued at $3,534,000 after purchasing an additional 713 shares during the last quarter. Finally, Verus Capital Partners LLC grew its stake in Salesforce by 4.2% during the 1st quarter. Verus Capital Partners LLC now owns 1,790 shares of the CRM provider’s stock valued at $539,000 after purchasing an additional 72 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated 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 transaction, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CAO Sundeep G. Reddy sold 500 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $290.23, for a total transaction of $145,115.00. Following the sale, the chief accounting officer now directly owns 6,506 shares of the company’s stock, valued at $1,888,236.38. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 148,573 shares of company stock worth $42,319,874 over the last 90 days. 3.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CRM has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research report on Friday, September 20th. Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Oppenheimer reissued an “outperform” rating and issued a $330.00 target price (up previously from $300.00) on shares of Salesforce in a research report on Thursday, October 24th. Wells Fargo & Company upped their target price on shares of Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a research note on Thursday, August 29th. Finally, Cfra set a $343.00 price target on Salesforce in a research note on Thursday, October 17th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $313.37.

Salesforce Stock Performance

Shares of CRM opened at $321.95 on Friday. The firm has a market capitalization of $307.78 billion, a PE ratio of 55.99, a P/E/G ratio of 2.78 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. The firm has a 50-day moving average price of $277.76 and a 200 day moving average price of $264.52. Salesforce, Inc. has a 52-week low of $208.84 and a 52-week high of $322.81.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period last year, the firm posted $1.63 earnings per share. The business’s revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

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

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.