Vestcor Inc Sells 10,000 Shares of Salesforce, Inc. (NYSE:CRM)

Vestcor Inc decreased its holdings in Salesforce, Inc. (NYSE:CRM) by 34.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,936 shares of the CRM provider’s stock after selling 10,000 shares during the period. Vestcor Inc’s holdings in Salesforce were worth $5,183,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Infrastructure Capital Advisors LLC bought a new stake in shares of Salesforce in the third quarter worth $27,000. Clear Investment Research LLC grew its holdings in shares of Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares during the period. Stephens Consulting LLC grew its holdings in shares of Salesforce by 3,125.0% in the second 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 period. Strategic Investment Solutions Inc. IL bought a new stake in shares of Salesforce in the second quarter worth $33,000. Finally, Godsey & Gibb Inc. grew its holdings in shares of Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares during the period. Institutional investors own 80.43% of the company’s stock.

Insider Activity

In related news, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares in the company, valued at $15,100,399.70. The trade was a 1.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 138,498 shares of company stock valued at $40,983,349 in the last quarter. 3.20% of the stock is currently owned by company insiders.

Salesforce Stock Performance

Shares of CRM opened at $348.84 on Wednesday. The stock has a 50-day moving average of $311.53 and a two-hundred day moving average of $273.32. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $333.84 billion, a P/E ratio of 57.37, a P/E/G ratio of 3.27 and a beta of 1.30.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The company had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the firm earned $1.62 EPS. As a group, research analysts predict that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, December 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.46%. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Piper Sandler lifted their price objective on Salesforce from $325.00 to $395.00 and gave the stock an “overweight” rating in a report on Monday, December 2nd. Evercore ISI reissued an “outperform” rating and set a $300.00 price target on shares of Salesforce in a report on Monday, August 26th. Royal Bank of Canada boosted their price target on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Loop Capital boosted their price target on Salesforce from $340.00 to $360.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Finally, Jefferies Financial Group boosted their price target on Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating, thirty have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $372.86.

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.