Bridges Investment Management Inc. Cuts Holdings in Salesforce, Inc. (NYSE:CRM)

Bridges Investment Management Inc. decreased its position in Salesforce, Inc. (NYSE:CRM) by 14.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,044 shares of the CRM provider’s stock after selling 670 shares during the period. Bridges Investment Management Inc.’s holdings in Salesforce were worth $1,107,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Klingman & Associates LLC lifted its holdings in Salesforce by 94.4% during the third quarter. Klingman & Associates LLC now owns 2,778 shares of the CRM provider’s stock worth $760,000 after acquiring an additional 1,349 shares during the period. Assetmark Inc. increased its position in shares of Salesforce by 12.5% during the 3rd quarter. Assetmark Inc. now owns 131,337 shares of the CRM provider’s stock valued at $35,948,000 after purchasing an additional 14,551 shares during the last quarter. Verdence Capital Advisors LLC raised its stake in shares of Salesforce by 11.2% during the 3rd quarter. Verdence Capital Advisors LLC now owns 2,174 shares of the CRM provider’s stock worth $595,000 after purchasing an additional 219 shares during the period. Pegasus Partners Ltd. grew its position in Salesforce by 13.5% during the third quarter. Pegasus Partners Ltd. now owns 2,272 shares of the CRM provider’s stock valued at $622,000 after buying an additional 270 shares during the period. Finally, Rovin Capital UT ADV increased its holdings in Salesforce by 83.1% during the third quarter. Rovin Capital UT ADV now owns 2,941 shares of the CRM provider’s stock worth $805,000 after buying an additional 1,335 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Trading Up 3.6 %

CRM stock opened at $321.95 on Friday. The company has a market capitalization of $307.78 billion, a PE ratio of 55.99, a price-to-earnings-growth ratio of 2.78 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a one year low of $208.84 and a one year high of $322.81. The company’s 50 day moving average price is $277.76 and its two-hundred day moving average price is $264.52.

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

Salesforce Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Oppenheimer reiterated an “outperform” rating and issued a $330.00 target price (up from $300.00) on shares of Salesforce in a research note on Thursday, October 24th. Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $270.00 to $400.00 in a research note on Wednesday, October 2nd. BNP Paribas upgraded Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. UBS Group upped their price target on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Finally, Roth Mkm restated a “buy” rating and issued a $335.00 price objective on shares of Salesforce in a research note on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $313.37.

Insiders Place Their Bets

In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $254.57, for a total value of $1,069,194.00. Following the transaction, the insider now owns 117,581 shares in the company, valued at approximately $29,932,595.17. This trade represents 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 accessible through this hyperlink. In other news, COO Brian Millham sold 60,522 shares of Salesforce stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total transaction of $18,156,600.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $254.57, for a total value of $1,069,194.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $29,932,595.17. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,573 shares of company stock valued at $42,319,874 in the last ninety days. 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.