Fiduciary Trust Co Raises Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Fiduciary Trust Co raised its position in shares of Salesforce, Inc. (NYSE:CRM) by 7.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 43,565 shares of the CRM provider’s stock after purchasing an additional 3,072 shares during the period. Fiduciary Trust Co’s holdings in Salesforce were worth $11,924,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Aviance Capital Partners LLC increased its position in Salesforce by 0.5% in the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock worth $1,860,000 after purchasing an additional 33 shares during the last quarter. Umpqua Bank increased its holdings in shares of Salesforce by 0.4% in the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock worth $2,110,000 after buying an additional 34 shares during the last quarter. Principal Street Partners LLC raised its position in shares of Salesforce by 1.0% during the 3rd quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider’s stock valued at $891,000 after buying an additional 34 shares in the last quarter. Nvwm LLC lifted its holdings in shares of Salesforce by 1.4% in the 3rd quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after acquiring an additional 36 shares during the last quarter. Finally, Prentice Wealth Management LLC grew its position in Salesforce by 1.5% in the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after acquiring an additional 37 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In other news, insider Sabastian Niles sold 2,484 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the transaction, the insider now directly owns 828 shares of the company’s stock, valued at approximately $202,702.68. This represents a 75.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 3,528 shares of the firm’s stock in a transaction 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 directly owns 117,581 shares of the company’s stock, valued at $29,464,622.79. The trade was a 2.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 144,510 shares of company stock worth $42,475,538 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

Salesforce Trading Down 3.8 %

CRM opened at $330.01 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market cap of $315.49 billion, a price-to-earnings ratio of 57.39, a PEG ratio of 3.07 and a beta of 1.29. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $348.86. The stock has a fifty day moving average price of $299.57 and a 200-day moving average price of $269.87.

Salesforce (NYSE:CRM) last announced 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 business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the company posted $1.63 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. As a group, equities research 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. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Wall Street Analyst Weigh In

CRM has been the subject of several analyst reports. Canaccord Genuity Group raised their price objective on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Loop Capital lifted their price objective on shares of Salesforce from $270.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. Oppenheimer reiterated an “outperform” rating and set a $385.00 price objective (up previously from $330.00) on shares of Salesforce in a research report on Thursday, November 21st. Truist Financial raised their target price on shares of Salesforce from $315.00 to $380.00 and gave the stock a “buy” rating in a report on Monday. Finally, FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and an average price target of $341.89.

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.