Salesforce, Inc. (NYSE:CRM) Shares Sold by M&T Bank Corp

M&T Bank Corp trimmed its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 0.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 192,452 shares of the CRM provider’s stock after selling 862 shares during the period. M&T Bank Corp’s holdings in Salesforce were worth $64,343,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CRM. Atria Investments Inc increased its stake in Salesforce by 12.1% in the fourth quarter. Atria Investments Inc now owns 88,528 shares of the CRM provider’s stock valued at $29,598,000 after purchasing an additional 9,549 shares in the last quarter. Assetmark Inc. lifted its position in shares of Salesforce by 32.7% in the 4th quarter. Assetmark Inc. now owns 174,240 shares of the CRM provider’s stock worth $58,254,000 after purchasing an additional 42,903 shares during the period. Triad Wealth Partners LLC bought a new stake in Salesforce during the 4th quarter valued at $565,000. Carrera Capital Advisors lifted its holdings in Salesforce by 9.7% during the fourth quarter. Carrera Capital Advisors now owns 837 shares of the CRM provider’s stock valued at $280,000 after purchasing an additional 74 shares during the last quarter. Finally, Keybank National Association OH increased its position in shares of Salesforce by 3.9% in the fourth quarter. Keybank National Association OH now owns 34,299 shares of the CRM provider’s stock worth $11,467,000 after purchasing an additional 1,287 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CRM. Canaccord Genuity Group dropped their price target on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company reduced their target price on Salesforce from $345.00 to $310.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Scotiabank lowered their price target on Salesforce from $440.00 to $400.00 and set a “sector outperform” rating for the company in a report on Thursday, February 27th. Loop Capital cut their price objective on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Finally, Truist Financial restated a “buy” rating and issued a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-two have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $365.32.

Salesforce Stock Down 2.0 %

CRM stock opened at $287.10 on Wednesday. The stock has a market capitalization of $274.76 billion, a P/E ratio of 47.22, a P/E/G ratio of 2.58 and a beta of 1.31. The firm has a 50-day simple moving average of $326.96 and a 200-day simple moving average of $308.33. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00.

Salesforce (NYSE:CRM) last posted its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.62 earnings per share. Equities analysts forecast that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.56%. Salesforce’s dividend payout ratio is currently 25.16%.

Insiders Place Their Bets

In related news, Director Robin L. Washington acquired 1,695 shares of Salesforce stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $294.61 per share, for a total transaction of $499,363.95. Following the completion of the purchase, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $12,799,331.45. This trade represents a 4.06 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the sale, the chief financial officer now owns 46,750 shares of the company’s stock, valued at approximately $14,071,750. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,108,793 shares of company stock worth $383,156,227 in the last ninety days. 3.20% of the stock is owned by corporate insiders.

Salesforce Profile

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.