Burke & Herbert Bank & Trust Co. Acquires New Stake in Salesforce, Inc. (NYSE:CRM)

Burke & Herbert Bank & Trust Co. acquired a new stake in Salesforce, Inc. (NYSE:CRM) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 749 shares of the CRM provider’s stock, valued at approximately $205,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Kathmere Capital Management LLC acquired a new stake in Salesforce in the 1st quarter valued at $227,000. Hennion & Walsh Asset Management Inc. increased its stake in Salesforce by 60.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 6,932 shares of the CRM provider’s stock valued at $2,088,000 after buying an additional 2,599 shares during the last quarter. Vicus Capital acquired a new stake in Salesforce in the 1st quarter valued at $556,000. Winthrop Advisory Group LLC increased its stake in shares of Salesforce by 2.6% during the 1st quarter. Winthrop Advisory Group LLC now owns 1,953 shares of the CRM provider’s stock worth $589,000 after purchasing an additional 50 shares during the last quarter. Finally, Fox Hill Wealth Management increased its stake in shares of Salesforce by 4.0% during the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after purchasing an additional 38 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Stock Performance

NYSE CRM opened at $290.46 on Friday. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a 50-day simple moving average of $269.18 and a 200 day simple moving average of $263.40. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $281.46 billion, a PE ratio of 52.24, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping 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 company posted $1.63 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, research analysts predict that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.55%. Salesforce’s payout ratio is 28.78%.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $289.87, for a total value of $1,217,454.00. Following the completion of the transaction, the insider now owns 118,514 shares in the company, valued at $34,353,653.18. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 118,514 shares of the company’s stock, valued at $34,353,653.18. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,781 shares of company stock worth $23,696,593 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Raymond James boosted their price objective on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research note on Friday, September 20th. DA Davidson boosted their price objective on shares of Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. UBS Group boosted their price objective on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, Phillip Securities restated an “accumulate” rating and set a $305.00 price objective on shares of Salesforce in a research note on Friday, August 30th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $312.51.

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.