Smithbridge Asset Management Inc. DE Sells 2,116 Shares of Salesforce, Inc. (NYSE:CRM)

Smithbridge Asset Management Inc. DE cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 15.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,846 shares of the CRM provider’s stock after selling 2,116 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in Salesforce were worth $3,046,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Marks Group Wealth Management Inc boosted its stake in shares of Salesforce by 0.7% during the fourth quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock valued at $9,268,000 after purchasing an additional 257 shares in the last quarter. Spartan Planning & Wealth Management boosted its stake in shares of Salesforce by 66.3% during the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock valued at $412,000 after purchasing an additional 625 shares in the last quarter. Roman Butler Fullerton & Co. raised its stake in shares of Salesforce by 1.4% in the fourth quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock worth $2,206,000 after purchasing an additional 105 shares during the last quarter. Parnassus Investments LLC lifted its holdings in shares of Salesforce by 0.3% during the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after purchasing an additional 18,397 shares during the period. Finally, TD Asset Management Inc boosted its position in Salesforce by 32.6% in the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock valued at $207,756,000 after buying an additional 194,224 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on CRM shares. Evercore ISI decreased their price objective on shares of Salesforce from $330.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Raymond James restated a “strong-buy” rating and issued a $325.00 price target (down previously from $380.00) on shares of Salesforce in a research note on Thursday, May 30th. TD Cowen cut their price target on Salesforce from $330.00 to $285.00 and set a “hold” rating for the company in a research note on Thursday, May 30th. Piper Sandler reiterated a “neutral” rating and issued a $250.00 price objective on shares of Salesforce in a report on Friday, July 12th. Finally, Truist Financial reiterated a “buy” rating and issued a $300.00 price objective (down from $360.00) on shares of Salesforce in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $291.50.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $285.20, for a total transaction of $1,197,840.00. Following the transaction, the insider now owns 115,762 shares of the company’s stock, valued at $33,015,322.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value 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. The disclosure for this sale can be found here. Insiders have sold a total of 187,136 shares of company stock worth $47,935,109 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Up 0.0 %

NYSE:CRM traded up $0.12 during trading hours on Friday, reaching $262.91. 3,494,863 shares of the stock were exchanged, compared to its average volume of 6,614,657. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $249.47 and a two-hundred day moving average of $272.92. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The company has a market capitalization of $254.76 billion, a price-to-earnings ratio of 47.29, a PEG ratio of 2.22 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The company had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.15 earnings per share. On average, equities analysts predict that Salesforce, Inc. will post 7.47 EPS for the current year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend was Tuesday, July 9th. Salesforce’s dividend payout ratio 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.