Salesforce, Inc. (NYSE:CRM) Shares Bought by Grove Bank & Trust

Grove Bank & Trust increased its position in Salesforce, Inc. (NYSE:CRM) by 47.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,872 shares of the CRM provider’s stock after acquiring an additional 1,244 shares during the period. Grove Bank & Trust’s holdings in Salesforce were worth $1,039,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Capital Advisors Ltd. LLC grew its holdings in shares of Salesforce by 4.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after acquiring an additional 31 shares during the period. Prossimo Advisors LLC grew its holdings in shares of Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after acquiring an additional 32 shares during the period. Mainstream Capital Management LLC grew its holdings in shares of Salesforce by 0.5% in the 4th quarter. Mainstream Capital Management LLC now owns 6,409 shares of the CRM provider’s stock worth $2,143,000 after acquiring an additional 33 shares during the period. Citizens National Bank Trust Department grew its holdings in shares of Salesforce by 1.9% in the 4th quarter. Citizens National Bank Trust Department now owns 1,924 shares of the CRM provider’s stock worth $643,000 after acquiring an additional 35 shares during the period. Finally, Delap Wealth Advisory LLC grew its holdings in Salesforce by 2.7% during the 4th quarter. Delap Wealth Advisory LLC now owns 1,336 shares of the CRM provider’s stock valued at $447,000 after buying an additional 35 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 3,273 shares of Salesforce stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $931,430.34. Following the sale, the insider now directly owns 125,146 shares of the company’s stock, valued at approximately $35,614,048.68. The trade was a 2.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $543,263.22. Following the sale, the chief accounting officer now directly owns 11,310 shares in the company, valued at approximately $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,111 shares of company stock valued at $9,299,283. 3.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on CRM. Stifel Nicolaus lowered their target price on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. The Goldman Sachs Group increased their target price on Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Scotiabank lowered their target price on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a report on Monday, March 17th. Royal Bank of Canada cut Salesforce from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $420.00 to $275.00 in a report on Thursday, May 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $400.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $346.34.

Salesforce Trading Up 2.0%

NYSE:CRM opened at $263.63 on Tuesday. The business’s 50-day moving average is $268.49 and its two-hundred day moving average is $299.25. 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, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00. The firm has a market capitalization of $252.03 billion, a PE ratio of 43.36, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same period last year, the company posted $2.44 earnings per share. The firm’s revenue was up 7.6% compared to the same quarter last year. Research analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be given a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Wednesday, June 18th. Salesforce’s payout ratio is 25.98%.

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.