Riverbridge Partners LLC Sells 10,875 Shares of Salesforce, Inc. (NYSE:CRM)

Riverbridge Partners LLC trimmed its stake in Salesforce, Inc. (NYSE:CRM) by 3.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 302,356 shares of the CRM provider’s stock after selling 10,875 shares during the period. Salesforce comprises 1.4% of Riverbridge Partners LLC’s holdings, making the stock its 26th biggest holding. Riverbridge Partners LLC’s holdings in Salesforce were worth $101,087,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of CRM. Infrastructure Capital Advisors LLC bought a new position in Salesforce during the 3rd quarter worth about $27,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce during the second quarter valued at approximately $33,000. Godsey & Gibb Inc. increased its holdings in Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares during the period. Annapolis Financial Services LLC raised its stake in Salesforce by 135.6% in the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock worth $38,000 after buying an additional 80 shares in the last quarter. Finally, FSA Wealth Management LLC purchased a new stake in Salesforce during the third quarter worth $53,000. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $290.23, for a total transaction of $145,115.00. Following the completion of the sale, the chief accounting officer now directly owns 6,506 shares in the company, valued at $1,888,236.38. This trade represents a 7.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Marc Benioff sold 317,105 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the transaction, the chief executive officer now owns 12,162,457 shares in the company, valued at approximately $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,171,198 shares of company stock worth $401,945,558. Company insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Salesforce stock opened at $332.67 on Thursday. The company has a fifty day simple moving average of $336.68 and a 200-day simple moving average of $292.92. The firm has a market capitalization of $318.37 billion, a price-to-earnings ratio of 54.72, a PEG ratio of 2.95 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. During the same quarter in the previous year, the company posted $1.62 EPS. The firm’s revenue was up 8.3% on a year-over-year basis. On average, equities analysts anticipate that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s dividend payout ratio is presently 26.32%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CRM shares. Piper Sandler restated an “overweight” rating and issued a $405.00 price target on shares of Salesforce in a report on Wednesday, December 18th. Cfra set a $343.00 price objective on Salesforce in a report on Thursday, October 17th. Loop Capital boosted their target price on Salesforce from $340.00 to $360.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Citigroup increased their price target on Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus upped their price objective on shares of Salesforce from $390.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $377.63.

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.