Trust Point Inc. Makes New Investment in Salesforce, Inc. (NYSE:CRM)

Trust Point Inc. bought a new position in shares of Salesforce, Inc. (NYSE:CRMFree Report) during the 4th quarter, Holdings Channel.com reports. The fund bought 5,505 shares of the CRM provider’s stock, valued at approximately $1,449,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Prentice Wealth Management LLC grew its holdings in shares of Salesforce by 1.7% in the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock worth $604,000 after acquiring an additional 38 shares during the period. Legal Advantage Investments Inc. grew its holdings in shares of Salesforce by 0.7% in the 4th quarter. Legal Advantage Investments Inc. now owns 5,571 shares of the CRM provider’s stock worth $1,466,000 after acquiring an additional 40 shares during the period. Mayflower Financial Advisors LLC grew its holdings in shares of Salesforce by 1.2% in the 4th quarter. Mayflower Financial Advisors LLC now owns 3,411 shares of the CRM provider’s stock worth $898,000 after acquiring an additional 41 shares during the period. Westside Investment Management Inc. grew its holdings in shares of Salesforce by 0.9% in the 4th quarter. Westside Investment Management Inc. now owns 4,712 shares of the CRM provider’s stock worth $1,240,000 after acquiring an additional 42 shares during the period. Finally, Enterprise Bank & Trust Co grew its holdings in shares of Salesforce by 0.4% in the 4th quarter. Enterprise Bank & Trust Co now owns 12,133 shares of the CRM provider’s stock worth $3,193,000 after acquiring an additional 44 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CRM shares. JMP Securities upped their target price on Salesforce from $293.00 to $342.00 and gave the company a “market outperform” rating in a research note on Thursday, February 29th. StockNews.com lowered Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Piper Sandler reaffirmed a “neutral” rating and issued a $285.00 target price on shares of Salesforce in a research note on Wednesday, February 28th. Wedbush upped their target price on Salesforce from $280.00 to $325.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Finally, Argus upped their target price on Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $304.97.

Read Our Latest Analysis on Salesforce

Salesforce Stock Up 0.7 %

NYSE CRM traded up $2.10 during trading hours on Wednesday, hitting $306.10. The company had a trading volume of 941,483 shares, compared to its average volume of 5,627,639. Salesforce, Inc. has a fifty-two week low of $187.31 and a fifty-two week high of $318.71. The company has a market capitalization of $296.92 billion, a price-to-earnings ratio of 73.06, a P/E/G ratio of 2.32 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm’s 50 day moving average is $296.10 and its 200 day moving average is $254.65.

Salesforce (NYSE:CRMGet Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 EPS. Sell-side analysts anticipate that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.52%. Salesforce’s dividend payout ratio is presently 9.52%.

Insider Activity

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $251.61, for a total value of $3,774,150.00. Following the transaction, the chief executive officer now owns 13,896,166 shares of the company’s stock, valued at $3,496,414,327.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $251.61, for a total transaction of $3,774,150.00. Following the sale, the chief executive officer now owns 13,896,166 shares of the company’s stock, valued at $3,496,414,327.26. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total value of $60,201.36. Following the sale, the chief accounting officer now directly owns 2,869 shares in the company, valued at approximately $799,618.99. The disclosure for this sale can be found here. Insiders sold 913,175 shares of company stock worth $261,391,996 over the last ninety days. Corporate insiders own 3.70% of the company’s stock.

Salesforce Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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