Tobam Reduces Stake in Salesforce, Inc. (NYSE:CRM)

Tobam reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 8.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,625 shares of the CRM provider’s stock after selling 144 shares during the period. Tobam’s holdings in Salesforce were worth $445,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Prentice Wealth Management LLC increased its position in Salesforce by 1.5% in the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after buying an additional 37 shares during the last quarter. Fox Hill Wealth Management increased its holdings in Salesforce by 4.0% in the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after acquiring an additional 38 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its stake in Salesforce by 0.8% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after acquiring an additional 38 shares during the period. Fulton Bank N.A. lifted its holdings in Salesforce by 0.4% during the third quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock valued at $2,537,000 after purchasing an additional 38 shares during the last quarter. Finally, Blue Barn Wealth LLC boosted its position in Salesforce by 1.8% during the first quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock worth $665,000 after purchasing an additional 39 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the transaction, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total value of $1,211,364.00. Following the sale, the insider now directly owns 118,514 shares of the company’s stock, valued at $34,181,807.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the transaction, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at $13,072,660.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,612 shares of company stock valued at $21,283,087 over the last quarter. 3.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CRM. Truist Financial reissued a “buy” rating and issued a $315.00 price target (up previously from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Northland Capmk raised Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Citigroup boosted their price objective on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. TD Cowen increased their price objective on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Finally, Loop Capital reiterated a “hold” rating and set a $270.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $310.74.

Salesforce Price Performance

CRM opened at $290.17 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The stock’s 50 day simple moving average is $260.30 and its 200 day simple moving average is $264.11. The firm has a market cap of $277.40 billion, a price-to-earnings ratio of 50.46, a PEG ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business earned $1.63 earnings per share. As a group, analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.55%. Salesforce’s dividend payout ratio is presently 27.83%.

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.