Connable Office Inc. Raises Position in Salesforce, Inc. (NYSE:CRM)

Connable Office Inc. raised its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,608 shares of the CRM provider’s stock after buying an additional 52 shares during the quarter. Connable Office Inc.’s holdings in Salesforce were worth $2,630,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Piscataqua Savings Bank increased its position in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the last quarter. Clear Investment Research LLC raised its position in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares in the last quarter. Stephens Consulting LLC lifted its holdings in shares of Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Salesforce in the second quarter worth $33,000. Finally, Godsey & Gibb Inc. increased its stake in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 90 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction dated 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 owns 828 shares in the company, valued at approximately $202,702.68. This trade represents a 75.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,373 shares of company stock worth $41,250,680 in the last 90 days. 3.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRM. Evercore ISI reiterated an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Sanford C. Bernstein increased their price target on shares of Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Piper Sandler lowered shares of Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Bank of America boosted their price target on shares of Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $322.51.

Salesforce Stock Down 3.0 %

CRM stock opened at $331.56 on Friday. Salesforce, Inc. has a one year low of $212.00 and a one year high of $348.86. The firm has a market cap of $316.97 billion, a PE ratio of 57.66, a PEG ratio of 3.09 and a beta of 1.29. The firm’s 50 day moving average price is $283.28 and its 200-day moving average price is $265.84. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the firm posted $1.63 earnings per share. Salesforce’s revenue was up 8.5% compared to the same quarter last year. On average, equities research analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.48%. Salesforce’s dividend payout ratio (DPR) is 27.83%.

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.