Salesforce, Inc. (NYSE:CRM) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lowered its position in Salesforce, Inc. (NYSE:CRM) by 71.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 117,824 shares of the CRM provider’s stock after selling 293,386 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Salesforce were worth $32,250,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Piscataqua Savings Bank lifted its position in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the last quarter. Clear Investment Research LLC increased its stake in shares of 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. Stephens Consulting LLC lifted its holdings 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 valued at $33,000 after buying an additional 125 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of Salesforce during the 2nd quarter worth $33,000. Finally, Godsey & Gibb Inc. increased its holdings in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sabastian Niles sold 2,484 shares of Salesforce stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the sale, the insider now owns 828 shares of the company’s stock, valued at approximately $202,702.68. This represents a 75.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 140,173 shares of company stock worth $40,146,206 over the last 90 days. 3.20% of the stock is owned by company insiders.

Salesforce Stock Performance

CRM opened at $323.29 on Wednesday. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $348.86. The company has a market capitalization of $309.07 billion, a price-to-earnings ratio of 56.22, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. The business has a 50 day moving average price of $289.68 and a two-hundred day moving average price of $267.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.63 EPS. Research analysts predict that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors 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 dividend on an annualized basis and a yield of 0.49%. Salesforce’s dividend payout ratio is currently 27.83%.

Analyst Ratings Changes

Several analysts have recently commented on CRM shares. JMP Securities reiterated a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research report on Wednesday, August 28th. Morgan Stanley lifted their price target on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Roth Mkm reiterated a “buy” rating and issued a $335.00 price target on shares of Salesforce in a report on Thursday, August 29th. Truist Financial reissued a “buy” rating and set a $315.00 target price (up previously from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Finally, Wedbush upped their price target on Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $325.36.

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.