Salesforce, Inc. (NYSE:CRM) Stock Position Trimmed by Carnegie Investment Counsel

Carnegie Investment Counsel decreased its position in Salesforce, Inc. (NYSE:CRM) by 71.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 944 shares of the CRM provider’s stock after selling 2,359 shares during the period. Carnegie Investment Counsel’s holdings in Salesforce were worth $243,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Signature Resources Capital Management LLC acquired a new position in Salesforce during the 4th quarter valued at about $26,000. Ruedi Wealth Management Inc. raised its holdings in Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares in the last quarter. Piscataqua Savings Bank lifted its position in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the period. Red Tortoise LLC bought a new position in Salesforce during the 1st quarter valued at $33,000. Finally, Creekmur Asset Management LLC bought a new stake in Salesforce in the fourth quarter worth about $35,000. Institutional investors own 80.43% of the company’s stock.

Insider Activity at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $254.57, for a total value of $1,069,194.00. Following the completion of the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at $29,932,595.17. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $254.57, for a total transaction of $1,069,194.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at $29,932,595.17. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the sale, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 167,936 shares of company stock worth $42,433,769. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM traded down $3.54 during trading hours on Tuesday, hitting $261.84. 5,202,287 shares of the company’s stock were exchanged, compared to its average volume of 6,592,627. The company’s 50-day moving average price is $249.94 and its 200-day moving average price is $272.74. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The stock has a market capitalization of $253.72 billion, a price-to-earnings ratio of 47.18, a PEG ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same period in the previous year, the company earned $1.15 earnings per share. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date was Tuesday, July 9th. Salesforce’s dividend payout ratio is currently 28.78%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Stifel Nicolaus lowered their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Raymond James reiterated a “strong-buy” rating and set a $325.00 price objective (down previously from $380.00) on shares of Salesforce in a research report on Thursday, May 30th. Evercore ISI decreased their target price on Salesforce from $330.00 to $300.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Piper Sandler reaffirmed a “neutral” rating and set a $250.00 target price on shares of Salesforce in a report on Friday, July 12th. Finally, Barclays dropped their price target on Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $291.50.

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.