Trivant Custom Portfolio Group LLC Decreases Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Trivant Custom Portfolio Group LLC decreased its position in Salesforce, Inc. (NYSE:CRM) by 2.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,247 shares of the CRM provider’s stock after selling 256 shares during the quarter. Salesforce makes up 2.0% of Trivant Custom Portfolio Group LLC’s investment portfolio, making the stock its 23rd largest position. Trivant Custom Portfolio Group LLC’s holdings in Salesforce were worth $3,086,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Capital World Investors boosted its stake in shares of Salesforce by 2.4% during the 4th quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock valued at $5,147,402,000 after purchasing an additional 457,463 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Salesforce by 5.3% during the 4th quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after purchasing an additional 752,566 shares in the last quarter. Capital International Investors boosted its stake in shares of Salesforce by 76.4% during the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after purchasing an additional 5,935,973 shares in the last quarter. Norges Bank bought a new stake in shares of Salesforce during the 4th quarter valued at about $2,762,331,000. Finally, Parnassus Investments LLC boosted its stake in shares of Salesforce by 0.3% during the 4th quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock valued at $1,566,055,000 after purchasing an additional 18,397 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the completion of the transaction, the chief executive officer now owns 12,407,327 shares in the company, valued at $2,688,171,467.82. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Salesforce news, Director G Mason Morfit acquired 428,000 shares of the stock in a transaction on Monday, June 3rd. The stock was acquired at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the transaction, the director now directly owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the transaction, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at approximately $2,688,171,467.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 547,387 shares of company stock worth $151,174,635. 3.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on CRM shares. Needham & Company LLC reissued a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research note on Thursday, May 30th. KeyCorp started coverage on shares of Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating on the stock. Wolfe Research reissued an “outperform” rating and set a $365.00 price objective on shares of Salesforce in a research note on Tuesday, April 16th. Piper Sandler dropped their price objective on shares of Salesforce from $300.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Salesforce Price Performance

Shares of NYSE:CRM traded up $4.25 during midday trading on Friday, reaching $257.10. 12,619,303 shares of the company were exchanged, compared to its average volume of 11,223,949. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The business’s fifty day moving average is $259.79 and its two-hundred day moving average is $276.34. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The stock has a market cap of $249.13 billion, a PE ratio of 46.24, a price-to-earnings-growth ratio of 2.22 and a beta of 1.25.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the prior year, the business earned $1.15 earnings per share. Salesforce’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Tuesday, July 9th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce’s dividend payout ratio is 7.19%.

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.