Bank OZK Reduces Position in Salesforce, Inc. (NYSE:CRM)

Bank OZK lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 6.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,559 shares of the CRM provider’s stock after selling 309 shares during the period. Bank OZK’s holdings in Salesforce were worth $1,200,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CRM. DAVENPORT & Co LLC grew its position in Salesforce by 25.7% during the 3rd quarter. DAVENPORT & Co LLC now owns 4,411 shares of the CRM provider’s stock worth $894,000 after purchasing an additional 901 shares during the last quarter. Advisory Alpha LLC purchased a new stake in shares of Salesforce in the 3rd quarter valued at $293,000. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Salesforce by 7.8% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 3,193 shares of the CRM provider’s stock valued at $647,000 after acquiring an additional 231 shares during the last quarter. KRS Capital Management LLC boosted its holdings in shares of Salesforce by 0.9% in the 3rd quarter. KRS Capital Management LLC now owns 5,716 shares of the CRM provider’s stock valued at $1,159,000 after acquiring an additional 50 shares during the last quarter. Finally, Progressive Investment Management Corp boosted its holdings in shares of Salesforce by 0.4% in the 3rd quarter. Progressive Investment Management Corp now owns 23,737 shares of the CRM provider’s stock valued at $4,813,000 after acquiring an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $350.00 price objective on shares of Salesforce in a report on Thursday, March 7th. Piper Sandler reiterated a “neutral” rating and issued a $300.00 target price on shares of Salesforce in a research note on Monday, April 15th. TheStreet upgraded shares of Salesforce from a “c+” rating to a “b-” rating in a research note on Friday, January 19th. Evercore ISI boosted their target price on shares of Salesforce from $290.00 to $330.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Finally, Argus upped their price objective on shares of Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $310.61.

Insider Activity at Salesforce

In other news, insider Srinivas Tallapragada sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $283.12, for a total transaction of $2,831,200.00. Following the transaction, the insider now directly owns 60,416 shares in the company, valued at $17,104,977.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at approximately $1,599,566.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 10,000 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $283.12, for a total transaction of $2,831,200.00. Following the sale, the insider now owns 60,416 shares in the company, valued at $17,104,977.92. The disclosure for this sale can be found here. Insiders have sold a total of 620,793 shares of company stock valued at $182,177,918 over the last 90 days. 3.70% of the stock is owned by corporate insiders.

Salesforce Stock Up 0.4 %

Shares of CRM traded up $1.15 during mid-day trading on Friday, hitting $274.29. 3,754,585 shares of the company’s stock were exchanged, compared to its average volume of 5,162,527. The company has a market cap of $266.06 billion, a price-to-earnings ratio of 65.31, a P/E/G ratio of 2.10 and a beta of 1.28. Salesforce, Inc. has a fifty-two week low of $190.76 and a fifty-two week high of $318.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock’s 50-day moving average is $295.97 and its 200-day moving average is $263.90.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.06. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 earnings per share. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.58%. Salesforce’s dividend payout ratio (DPR) is 9.52%.

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.