Chemung Canal Trust Co. Decreases Stock Position in Salesforce, Inc. (NYSE:CRM)

Chemung Canal Trust Co. reduced its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 7.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,695 shares of the CRM provider’s stock after selling 227 shares during the period. Chemung Canal Trust Co.’s holdings in Salesforce were worth $901,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Sachetta LLC increased its stake in shares of Salesforce by 0.3% during the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after purchasing an additional 32 shares in the last quarter. Aviance Capital Partners LLC increased its position in Salesforce by 0.5% during the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock worth $1,860,000 after buying an additional 33 shares in the last quarter. EWA LLC increased its position in Salesforce by 1.7% during the third quarter. EWA LLC now owns 2,001 shares of the CRM provider’s stock worth $548,000 after buying an additional 33 shares in the last quarter. Umpqua Bank raised its holdings in shares of Salesforce by 0.4% in the third quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock worth $2,110,000 after acquiring an additional 34 shares during the last quarter. Finally, Principal Street Partners LLC boosted its stake in shares of Salesforce by 1.0% during the third quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider’s stock valued at $891,000 after acquiring an additional 34 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Activity at Salesforce

In related news, COO Brian Millham sold 708 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $235,254.24. Following the completion of the transaction, the chief operating officer now directly owns 1,239 shares of the company’s stock, valued at $411,694.92. This represents a 36.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $298.04, for a total value of $1,251,768.00. Following the sale, the insider now directly owns 119,402 shares in the company, valued at $35,586,572.08. The trade was a 3.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,173,891 shares of company stock worth $402,840,388 in the last 90 days. 3.20% of the stock is currently owned by company insiders.

Salesforce Price Performance

Shares of NYSE CRM opened at $333.47 on Friday. The business has a 50 day simple moving average of $336.56 and a 200-day simple moving average of $293.49. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a market capitalization of $319.13 billion, a price-to-earnings ratio of 54.85, a price-to-earnings-growth ratio of 3.01 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.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (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 business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter in the previous year, the business posted $1.62 earnings per share. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. As a group, equities research analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Wednesday, December 18th. Salesforce’s payout ratio is 26.32%.

Analysts Set New Price Targets

Several brokerages recently weighed in on CRM. Wells Fargo & Company boosted their target price on shares of Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 12th. Barclays upped their price objective on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Needham & Company LLC lifted their target price on shares of Salesforce from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and increased their price target for the stock from $380.00 to $400.00 in a research note on Friday, January 17th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $400.00 price objective (up previously from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $377.63.

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.