Salesforce, Inc. (NYSE:CRM) Shares Sold by Huntington National Bank

Huntington National Bank lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 27.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,497 shares of the CRM provider’s stock after selling 42,136 shares during the quarter. Huntington National Bank’s holdings in Salesforce were worth $29,970,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Capital Research Global Investors boosted its position in shares of Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after buying an additional 3,044,611 shares during the period. GQG Partners LLC purchased a new position in shares of Salesforce during the first quarter worth $910,220,000. Swedbank AB purchased a new position in shares of Salesforce during the first quarter worth $874,748,000. Veritas Asset Management LLP purchased a new position in shares of Salesforce during the third quarter worth $733,805,000. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Salesforce by 48.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after buying an additional 1,922,674 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Price Performance

Shares of CRM opened at $341.72 on Thursday. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $348.86. The stock’s 50 day moving average is $281.40 and its two-hundred day moving average is $265.31. The firm has a market capitalization of $326.68 billion, a PE ratio of 59.43, a P/E/G ratio of 3.09 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

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, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the company earned $1.63 EPS. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Research analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders 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 dividend yield of 0.47%. Salesforce’s payout ratio is 27.83%.

Analyst Upgrades and Downgrades

CRM has been the subject of several research analyst reports. Bank of America raised their price target on Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Phillip Securities reiterated an “accumulate” rating and issued a $305.00 price objective on shares of Salesforce in a research note on Friday, August 30th. Morgan Stanley increased their price objective on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Finally, Cfra set a $343.00 price objective on Salesforce in a research note on Thursday, October 17th. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $318.23.

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 transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $290.23, for a total transaction of $145,115.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,506 shares in the company, valued at $1,888,236.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This represents 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 144,373 shares of company stock worth $41,250,680. Company insiders own 3.20% of the company’s stock.

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.