Kennebec Savings Bank Sells 99 Shares of Salesforce, Inc. (NYSE:CRM)

Kennebec Savings Bank reduced its stake in Salesforce, Inc. (NYSE:CRM) by 3.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,062 shares of the CRM provider’s stock after selling 99 shares during the period. Kennebec Savings Bank’s holdings in Salesforce were worth $977,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Infrastructure Capital Advisors LLC bought a new stake in shares of Salesforce during the third quarter worth about $27,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Salesforce during the second quarter worth $33,000. Godsey & Gibb Inc. boosted its position in Salesforce by 300.0% during 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. Annapolis Financial Services LLC boosted its position in Salesforce by 135.6% during the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock valued at $38,000 after acquiring an additional 80 shares during the last quarter. Finally, FSA Wealth Management LLC bought a new position in shares of Salesforce in the 3rd quarter worth about $53,000. 80.43% of the stock is owned by institutional investors.

Salesforce Trading Down 3.0 %

Shares of Salesforce stock opened at $343.51 on Friday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week 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 firm has a market capitalization of $328.74 billion, a price-to-earnings ratio of 56.50, a PEG ratio of 3.20 and a beta of 1.30. The stock has a 50 day moving average of $338.53 and a 200 day moving average of $296.43.

Salesforce (NYSE:CRM) last posted 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). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter in the prior year, the firm posted $1.62 EPS. Salesforce’s quarterly revenue was up 8.3% compared to the same quarter last year. As a group, research analysts predict that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Wednesday, December 18th. Salesforce’s dividend payout ratio (DPR) is currently 26.32%.

Analysts Set New Price Targets

CRM has been the subject of several research analyst reports. Needham & Company LLC lifted their price objective on shares of Salesforce from $375.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Morgan Stanley raised their target price on Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Jefferies Financial Group upped their price target on Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Citigroup raised their price objective on Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Finally, Wedbush reiterated an “outperform” rating and issued a $425.00 target price on shares of Salesforce in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $377.63.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the sale, the chief accounting officer now directly owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. The trade was a 5.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Brian Millham sold 708 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $235,254.24. Following the completion of the sale, the chief operating officer now owns 1,239 shares in the company, valued at approximately $411,694.92. This represents a 36.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,108,669 shares of company stock worth $383,286,905 in the last ninety days. 3.20% of the stock is owned by corporate insiders.

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.