Norway Savings Bank Boosts Holdings in Salesforce, Inc. (NYSE:CRM)

Norway Savings Bank increased its stake in Salesforce, Inc. (NYSE:CRM) by 3.2% in the fourth quarter, HoldingsChannel reports. The fund owned 9,615 shares of the CRM provider’s stock after purchasing an additional 297 shares during the period. Salesforce makes up about 1.8% of Norway Savings Bank’s portfolio, making the stock its 18th biggest position. Norway Savings Bank’s holdings in Salesforce were worth $3,215,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of CRM. Veritas Asset Management LLP purchased a new position in Salesforce during the 3rd quarter valued at $733,805,000. Massachusetts Financial Services Co. MA increased its position in shares of Salesforce by 48.3% during the second 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 buying an additional 1,922,674 shares during the period. KBC Group NV raised its stake in Salesforce by 171.2% in the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after buying an additional 1,032,068 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Salesforce by 23,664.2% in the third quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock worth $274,490,000 after buying an additional 998,628 shares during the period. Finally, Farallon Capital Management LLC boosted its position in Salesforce by 51.0% during the 2nd quarter. Farallon Capital Management LLC now owns 2,946,838 shares of the CRM provider’s stock valued at $757,632,000 after acquiring an additional 994,670 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRM. Morgan Stanley boosted their target price on shares of Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Jefferies Financial Group upped their price objective on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. The Goldman Sachs Group upped their price target on Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. TD Cowen boosted their target price on Salesforce from $290.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, November 21st. Finally, Truist Financial reiterated a “buy” rating and issued a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, thirty have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $375.39.

Insider Buying and Selling at Salesforce

In related news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares of the company’s stock, valued at approximately $15,100,399.70. The trade was a 1.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Brian Millham sold 6,161 shares of Salesforce stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $289.75, for a total transaction of $1,785,149.75. Following the sale, the chief operating officer now owns 969 shares of the company’s stock, valued at approximately $280,767.75. This trade represents a 86.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,181,817 shares of company stock valued at $404,760,429 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of NYSE:CRM traded down $6.26 during trading on Tuesday, hitting $324.27. 3,089,266 shares of the stock were exchanged, compared to its average volume of 4,419,898. The company has a market cap of $310.33 billion, a PE ratio of 53.33, a P/E/G ratio of 3.21 and a beta of 1.30. 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 company has a fifty day moving average price of $333.53 and a two-hundred day moving average price of $287.43. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00.

Salesforce (NYSE:CRM) last posted its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, analysts forecast that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Wednesday, December 18th. Salesforce’s payout ratio is currently 26.32%.

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.