Independence Bank of Kentucky Has $3.49 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Independence Bank of Kentucky boosted its position in Salesforce, Inc. (NYSE:CRM) by 0.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 12,753 shares of the CRM provider’s stock after purchasing an additional 42 shares during the period. Salesforce comprises 0.8% of Independence Bank of Kentucky’s holdings, making the stock its 28th largest position. Independence Bank of Kentucky’s holdings in Salesforce were worth $3,491,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Governors Lane LP boosted its holdings in shares of Salesforce by 34.3% during the 4th quarter. Governors Lane LP now owns 114,803 shares of the CRM provider’s stock worth $30,209,000 after buying an additional 29,300 shares during the period. Garden State Investment Advisory Services LLC lifted its holdings in shares of Salesforce by 3.9% during the 4th quarter. Garden State Investment Advisory Services LLC now owns 2,607 shares of the CRM provider’s stock worth $686,000 after acquiring an additional 99 shares during the period. Groupama Asset Managment acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $10,723,000. Grayhawk Investment Strategies Inc. bought a new stake in Salesforce during the fourth quarter worth $1,497,000. Finally, First County Bank CT boosted its holdings in shares of Salesforce by 1.0% in the 4th quarter. First County Bank CT now owns 7,044 shares of the CRM provider’s stock valued at $1,854,000 after purchasing an additional 71 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Ratings Changes

CRM has been the topic of a number of research analyst reports. Canaccord Genuity Group raised their price target 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. BNP Paribas raised shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Truist Financial reissued a “buy” rating and issued a $315.00 price objective (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Robert W. Baird increased their target price on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research note on Wednesday, August 28th. Eight research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $310.74.

Salesforce Stock Performance

Shares of CRM stock traded down $1.29 on Friday, hitting $288.88. 280,565 shares of the stock were exchanged, compared to its average volume of 6,474,034. The firm’s 50 day moving average is $261.04 and its two-hundred day moving average is $264.29. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The firm has a market capitalization of $276.17 billion, a PE ratio of 50.46, a P/E/G ratio of 2.61 and a beta of 1.30. 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 issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the business earned $1.63 earnings per share. The company’s quarterly revenue was up 8.5% on a year-over-year basis. Sell-side analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal 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 annualized dividend and a dividend yield of 0.55%. Salesforce’s dividend payout ratio is currently 27.83%.

Insiders Place Their Bets

In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the sale, the insider now directly owns 118,514 shares in the company, valued at approximately $34,181,807.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the completion of the transaction, the insider now owns 118,514 shares of the company’s stock, valued at approximately $34,181,807.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the sale, the chief financial officer now owns 51,109 shares in the company, valued at $13,072,660.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 80,612 shares of company stock worth $21,283,087 over the last 90 days. Corporate 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.