OLD National Bancorp IN Raises Stock Holdings in Salesforce, Inc. (NYSE:CRM)

OLD National Bancorp IN raised its position in shares of Salesforce, Inc. (NYSE:CRM) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 80,190 shares of the CRM provider’s stock after buying an additional 1,444 shares during the period. OLD National Bancorp IN’s holdings in Salesforce were worth $21,949,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Ruedi Wealth Management Inc. grew its stake in shares of Salesforce by 186.7% in 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 during the last quarter. Piscataqua Savings Bank grew its position in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares during the last quarter. Red Tortoise LLC purchased a new position in shares of Salesforce during the first quarter valued at approximately $33,000. Clear Investment Research LLC raised its holdings in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Salesforce in the second quarter worth $33,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Cfra set a $343.00 target price on Salesforce in a research note on Thursday. Citigroup upped their price target on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. BNP Paribas raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a research report on Monday, August 26th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $311.66.

Salesforce Stock Performance

CRM stock opened at $292.94 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a market cap of $283.86 billion, a P/E ratio of 52.69, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The stock’s fifty day moving average price is $266.65 and its 200-day moving average price is $263.49.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.63 earnings per share. On average, equities analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 0.55%. Salesforce’s dividend payout ratio is currently 28.78%.

Insiders Place Their Bets

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $289.87, for a total transaction of $1,217,454.00. Following the completion of the sale, the insider now owns 118,514 shares of the company’s stock, valued at $34,353,653.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’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 sale, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total transaction of $1,217,454.00. Following the completion of the transaction, the insider now owns 118,514 shares of the company’s stock, valued at approximately $34,353,653.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,612 shares of company stock worth $21,429,961. Company insiders own 3.20% of the company’s stock.

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.