Bank of Stockton Purchases 53 Shares of Salesforce Inc. (NYSE:CRM)

Bank of Stockton raised its position in Salesforce Inc. (NYSE:CRM) by 3.9% in the 1st quarter, Holdings Channel reports. The firm owned 1,422 shares of the CRM provider’s stock after buying an additional 53 shares during the period. Bank of Stockton’s holdings in Salesforce were worth $382,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Mainstream Capital Management LLC lifted its holdings in shares of Salesforce by 0.5% during the 4th quarter. Mainstream Capital Management LLC now owns 6,409 shares of the CRM provider’s stock valued at $2,143,000 after purchasing an additional 33 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its holdings in shares of Salesforce by 0.5% in the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 7,082 shares of the CRM provider’s stock valued at $2,369,000 after buying an additional 35 shares during the period. Wulff Hansen & CO. increased its position in shares of Salesforce by 3.5% during the fourth quarter. Wulff Hansen & CO. now owns 1,035 shares of the CRM provider’s stock worth $346,000 after acquiring an additional 35 shares in the last quarter. WR Wealth Planners LLC raised its holdings in shares of Salesforce by 9.0% during the fourth quarter. WR Wealth Planners LLC now owns 449 shares of the CRM provider’s stock worth $150,000 after acquiring an additional 37 shares during the period. Finally, Fielder Capital Group LLC lifted its position in Salesforce by 3.0% in the 4th quarter. Fielder Capital Group LLC now owns 1,289 shares of the CRM provider’s stock valued at $431,000 after acquiring an additional 38 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. BMO Capital Markets dropped their price target on Salesforce from $367.00 to $350.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 27th. Morgan Stanley reissued an “overweight” rating and issued a $404.00 target price (up previously from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Piper Sandler upped their price target on Salesforce from $315.00 to $335.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 28th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $325.00 price objective on shares of Salesforce in a report on Friday, June 20th. Finally, Westpark Capital reaffirmed a “buy” rating and issued a $320.00 target price on shares of Salesforce in a research report on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $349.08.

Salesforce Stock Down 1.1%

NYSE CRM opened at $268.11 on Thursday. The business has a fifty day moving average price of $269.39 and a two-hundred day moving average price of $295.75. The stock has a market capitalization of $256.31 billion, a PE ratio of 41.96, a PEG ratio of 2.46 and a beta of 1.38. Salesforce Inc. has a fifty-two week low of $230.00 and a fifty-two week high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. Salesforce’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.44 EPS. Equities analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be paid a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date is Wednesday, June 18th. Salesforce’s payout ratio is 25.98%.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 261 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $68,473.35. Following the sale, the chief accounting officer now directly owns 12,024 shares of the company’s stock, valued at $3,154,496.40. The trade was a 2.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider R David Schmaier sold 6,959 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the transaction, the insider now owns 36,090 shares of the company’s stock, valued at approximately $9,141,957.90. This trade represents a 16.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,284 shares of company stock valued at $6,996,762 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

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.