Intact Investment Management Inc. Trims Stock Position in Salesforce, Inc. (NYSE:CRM)

Intact Investment Management Inc. cut its stake in Salesforce, Inc. (NYSE:CRM) by 8.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,350 shares of the CRM provider’s stock after selling 470 shares during the period. Intact Investment Management Inc.’s holdings in Salesforce were worth $1,464,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRM. Citizens National Bank Trust Department increased its stake in Salesforce by 7.8% in the third quarter. Citizens National Bank Trust Department now owns 1,889 shares of the CRM provider’s stock valued at $517,000 after purchasing an additional 137 shares during the period. KG&L Capital Management LLC increased its stake in Salesforce by 10.0% in the third quarter. KG&L Capital Management LLC now owns 3,387 shares of the CRM provider’s stock valued at $927,000 after purchasing an additional 308 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in Salesforce by 0.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 975,712 shares of the CRM provider’s stock valued at $267,062,000 after purchasing an additional 2,825 shares during the period. Opes Wealth Management LLC increased its stake in Salesforce by 3.8% in the third quarter. Opes Wealth Management LLC now owns 1,316 shares of the CRM provider’s stock valued at $360,000 after purchasing an additional 48 shares during the period. Finally, Harvey Capital Management Inc. increased its stake in Salesforce by 243.8% in the third quarter. Harvey Capital Management Inc. now owns 29,136 shares of the CRM provider’s stock valued at $7,975,000 after purchasing an additional 20,661 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on CRM shares. Canaccord Genuity Group lifted their price objective on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. TD Cowen boosted their price target on shares of Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Northland Securities upgraded shares of Salesforce from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $270.00 to $400.00 in a research note on Wednesday, October 2nd. Morgan Stanley boosted their price objective on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Finally, Wedbush boosted their price objective on shares of Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $313.37.

Salesforce Stock Performance

Salesforce stock opened at $298.01 on Tuesday. Salesforce, Inc. has a 12-month low of $204.69 and a 12-month high of $318.71. The company has a market capitalization of $284.90 billion, a price-to-earnings ratio of 51.83, a price-to-earnings-growth ratio of 2.64 and a beta of 1.29. 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 firm’s fifty day moving average price is $273.68 and its 200 day moving average price is $263.36.

Salesforce (NYSE:CRM) last announced its quarterly earnings data 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. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the business earned $1.63 EPS. On average, research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $290.23, for a total value of $145,115.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,506 shares of the company’s stock, valued at approximately $1,888,236.38. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Parker Harris sold 1,400 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $251.62, for a total transaction of $352,268.00. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at $29,585,731.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Sundeep G. Reddy sold 500 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $290.23, for a total transaction of $145,115.00. Following the transaction, the chief accounting officer now owns 6,506 shares of the company’s stock, valued at approximately $1,888,236.38. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 146,003 shares of company stock valued at $41,494,084. Company insiders own 3.20% of the company’s stock.

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.