Salesforce, Inc. (NYSE:CRM) Shares Bought by Indiana Trust & Investment Management Co

Indiana Trust & Investment Management Co increased its stake in Salesforce, Inc. (NYSE:CRM) by 6.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,158 shares of the CRM provider’s stock after acquiring an additional 74 shares during the quarter. Indiana Trust & Investment Management Co’s holdings in Salesforce were worth $317,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Capital Research Global Investors boosted its holdings in shares of Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after buying an additional 3,044,611 shares during the period. GQG Partners LLC purchased a new position in Salesforce during the 1st quarter worth approximately $910,220,000. Swedbank AB acquired a new position in Salesforce during the first quarter valued at $874,748,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares during the period. Finally, AMF Tjanstepension AB increased its stake in Salesforce by 376.1% in the 2nd quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock valued at $370,873,000 after buying an additional 1,139,472 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research reports. Truist Financial reissued a “buy” rating and set a $315.00 target price (up previously from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. JPMorgan Chase & Co. raised their price target on Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Stifel Nicolaus boosted their price target on Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. BMO Capital Markets raised their price objective on shares of Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 10th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $310.74.

Insider Transactions at Salesforce

In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the sale, the director now directly owns 1,363 shares in the company, valued at $376,624.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 transaction of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the sale, the director now directly owns 1,363 shares in the company, valued at $376,624.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,412 shares of company stock valued at $20,212,507. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of CRM stock traded up $0.90 during trading hours on Wednesday, hitting $289.25. The company had a trading volume of 1,215,807 shares, compared to its average volume of 6,437,150. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s fifty day moving average is $263.98 and its 200 day moving average is $263.46. The firm has a market capitalization of $280.28 billion, a price-to-earnings ratio of 51.65, a PEG ratio of 2.61 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.63 earnings per share. On average, sell-side analysts predict that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.55%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

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.