Swedbank AB Reduces Position in Salesforce, Inc. (NYSE:CRM)

Swedbank AB reduced its stake in Salesforce, Inc. (NYSE:CRM) by 1.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,610,519 shares of the CRM provider’s stock after selling 42,154 shares during the quarter. Salesforce makes up approximately 0.9% of Swedbank AB’s investment portfolio, making the stock its 20th biggest position. Swedbank AB’s holdings in Salesforce were worth $714,525,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of CRM. Prentice Wealth Management LLC lifted its holdings in shares of Salesforce by 1.5% in the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock valued at $686,000 after buying an additional 37 shares during the period. Fox Hill Wealth Management raised its holdings in Salesforce by 4.0% in the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after purchasing an additional 38 shares during the period. Pinnacle Wealth Planning Services Inc. lifted its position in shares of Salesforce by 0.8% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after acquiring an additional 38 shares in the last quarter. Fulton Bank N.A. raised its position in shares of Salesforce by 0.4% in the third quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock valued at $2,537,000 after buying an additional 38 shares during the last quarter. Finally, CRA Financial Services LLC grew its stake in shares of Salesforce by 3.4% in the 3rd quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock valued at $318,000 after buying an additional 38 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $288.42, for a total value of $1,211,364.00. Following the sale, the insider now directly owns 118,514 shares of the company’s stock, valued at $34,181,807.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Salesforce 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 completion of the transaction, the insider now 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $229,434.66. Following the transaction, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 76,412 shares of company stock worth $20,212,507. 3.20% of the stock is currently owned by insiders.

Salesforce Trading Down 1.0 %

Shares of NYSE CRM traded down $2.93 during midday trading on Tuesday, hitting $288.71. The stock had a trading volume of 2,035,095 shares, compared to its average volume of 6,454,205. The company has a fifty day moving average price of $262.99 and a 200 day moving average price of $263.55. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a market capitalization of $279.76 billion, a price-to-earnings ratio of 51.95, a PEG ratio of 2.61 and a beta of 1.30.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS 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 business had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the company posted $1.63 earnings per share. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.55%. Salesforce’s dividend payout ratio is presently 28.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CRM shares. Morgan Stanley upped their price target on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Truist Financial restated a “buy” rating and set a $315.00 price target (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Raymond James boosted their target price on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. TD Cowen lifted their target price on shares of Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $310.74.

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.