Synovus Financial Corp Lowers Stake in Salesforce, Inc. (NYSE:CRM)

Synovus Financial Corp lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 2.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,841 shares of the CRM provider’s stock after selling 1,461 shares during the quarter. Synovus Financial Corp’s holdings in Salesforce were worth $14,464,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Tidal Investments LLC lifted its holdings in shares of Salesforce by 37.6% in the third quarter. Tidal Investments LLC now owns 196,584 shares of the CRM provider’s stock worth $53,807,000 after buying an additional 53,739 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Salesforce by 7.4% in the third quarter. Wilmington Savings Fund Society FSB now owns 43,812 shares of the CRM provider’s stock worth $11,992,000 after buying an additional 3,021 shares in the last quarter. Arvest Bank Trust Division purchased a new position in shares of Salesforce in the third quarter worth $380,000. Sfmg LLC lifted its holdings in shares of Salesforce by 0.4% in the third quarter. Sfmg LLC now owns 23,348 shares of the CRM provider’s stock worth $6,391,000 after buying an additional 84 shares in the last quarter. Finally, World Investment Advisors LLC increased its position in Salesforce by 570.4% in the third quarter. World Investment Advisors LLC now owns 54,446 shares of the CRM provider’s stock worth $14,903,000 after purchasing an additional 46,324 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Up 0.9 %

NYSE:CRM opened at $358.19 on Friday. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The company has a 50-day moving average of $316.14 and a 200 day moving average of $275.00. The firm has a market cap of $342.79 billion, a PE ratio of 58.91, a price-to-earnings-growth ratio of 3.21 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.62 earnings per share. As a group, research analysts anticipate that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 18th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Wednesday, December 18th. Salesforce’s payout ratio is currently 26.32%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CRM. Barclays boosted their price target on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. TD Cowen boosted their price target on shares of Salesforce from $290.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, November 21st. Northland Securities restated an “outperform” rating and issued a $440.00 price target (up previously from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Needham & Company LLC boosted their price target on shares of Salesforce from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Wedbush boosted their price objective on shares of Salesforce from $325.00 to $375.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. Eight analysts have rated the stock with a hold rating, thirty have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $377.24.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total value of $1,079,568.00. Following the transaction, the insider now owns 117,581 shares in the company, valued at approximately $30,223,020.24. This trade represents a 3.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’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 completion of the transaction, the chief accounting officer now owns 7,006 shares in the company, valued at $1,998,741.74. The trade was a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 138,498 shares of company stock valued at $40,983,349 in the last three months. 3.20% of the stock is owned by insiders.

Salesforce 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.