Salesforce, Inc. (NYSE:CRM) Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc increased its stake in Salesforce, Inc. (NYSE:CRM) by 2.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 228,581 shares of the CRM provider’s stock after acquiring an additional 5,456 shares during the period. CIBC Asset Management Inc’s holdings in Salesforce were worth $62,565,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Piscataqua Savings Bank boosted its stake in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares in the last quarter. Clear Investment Research LLC grew its holdings in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares during the period. Godsey & Gibb Inc. raised its position in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Salesforce in the 2nd quarter valued at about $33,000. Finally, Stephens Consulting LLC grew its stake in shares of Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Miguel Milano sold 2,934 shares of Salesforce stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $262.95, for a total transaction of $771,495.30. Following the sale, the insider now directly owns 3,716 shares of the company’s stock, valued at $977,122.20. The trade was a 44.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 144,373 shares of company stock worth $41,250,680 in the last ninety days. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of CRM opened at $331.56 on Friday. 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 twelve month low of $212.00 and a twelve month high of $348.86. The stock has a market capitalization of $316.97 billion, a P/E ratio of 57.66, a P/E/G ratio of 3.09 and a beta of 1.29. The company has a 50 day moving average of $283.28 and a 200-day moving average of $265.84.

Salesforce (NYSE:CRM) last released 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. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter last year, the firm earned $1.63 earnings per share. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Analyst Ratings Changes

A number of brokerages have recently commented on CRM. Bank of America increased their price objective on Salesforce from $325.00 to $390.00 and gave the company a “buy” rating in a research report on Wednesday. Phillip Securities reaffirmed an “accumulate” rating and set a $305.00 target price on shares of Salesforce in a report on Friday, August 30th. Robert W. Baird lifted their price target on Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Citigroup upped their price objective on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Finally, Roth Mkm reiterated a “buy” rating and issued a $335.00 target price on shares of Salesforce in a report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $322.51.

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.