Dearborn Partners LLC Cuts Position in Salesforce, Inc. (NYSE:CRM)

Dearborn Partners LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 11.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,853 shares of the CRM provider’s stock after selling 635 shares during the quarter. Dearborn Partners LLC’s holdings in Salesforce were worth $1,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of CRM. M&G Plc purchased a new stake in Salesforce in the first quarter valued at about $2,178,000. First Foundation Advisors boosted its stake in Salesforce by 38.0% in the 1st quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock worth $249,000 after purchasing an additional 228 shares in the last quarter. Pinnacle Wealth Planning Services Inc. grew its position in Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after purchasing an additional 38 shares during the last quarter. Intech Investment Management LLC increased its stake in Salesforce by 80.9% during the 1st quarter. Intech Investment Management LLC now owns 49,513 shares of the CRM provider’s stock valued at $14,912,000 after purchasing an additional 22,145 shares in the last quarter. Finally, Spirepoint Private Client LLC purchased a new position in shares of Salesforce in the first quarter worth $345,000. 80.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 3,970 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the transaction, the insider now owns 119,402 shares in the company, valued at $35,431,349.48. This represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 144,373 shares of company stock valued at $41,250,680. Insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

NYSE CRM opened at $331.56 on Friday. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $348.86. The firm has a market capitalization of $316.97 billion, a P/E ratio of 57.66, a P/E/G ratio of 3.09 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 business’s 50-day simple moving average is $283.28 and its 200-day simple moving average is $265.84.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. The firm 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 quarter in the previous year, the firm earned $1.63 earnings per share. Equities analysts predict that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. Salesforce’s payout ratio is currently 27.83%.

Analyst Ratings Changes

Several research firms recently issued reports on CRM. Evercore ISI reissued an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a research report on Monday, August 26th. Northland Capmk raised Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Truist Financial reaffirmed a “buy” rating and set a $315.00 target price (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $300.00 price target on shares of Salesforce in a report on Thursday, September 19th. Finally, UBS Group lifted their price objective on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $322.51.

About Salesforce

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.