Amalgamated Bank Sells 12,012 Shares of Salesforce, Inc. (NYSE:CRM)

Amalgamated Bank lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 4.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 239,227 shares of the CRM provider’s stock after selling 12,012 shares during the quarter. Salesforce accounts for about 0.5% of Amalgamated Bank’s investment portfolio, making the stock its 24th largest position. Amalgamated Bank’s holdings in Salesforce were worth $62,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRM. Bear Mountain Capital Inc. acquired a new stake in Salesforce during the 4th quarter worth approximately $26,000. Kathleen S. Wright Associates Inc. acquired a new position in Salesforce during the fourth quarter worth $31,000. BKM Wealth Management LLC acquired a new stake in Salesforce in the 4th quarter valued at $34,000. Pacifica Partners Inc. boosted its stake in shares of Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Finally, AlphaMark Advisors LLC raised its holdings in Salesforce by 892.9% during the fourth quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock worth $37,000 after acquiring an additional 125 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Performance

NYSE:CRM traded up $3.44 during trading hours on Thursday, reaching $272.13. The stock had a trading volume of 3,646,366 shares, compared to its average volume of 5,574,261. Salesforce, Inc. has a 12-month low of $190.76 and a 12-month high of $318.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a 50 day simple moving average of $295.04 and a 200 day simple moving average of $265.67. The stock has a market cap of $263.97 billion, a P/E ratio of 64.47, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, beating the consensus estimate of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the firm earned $1.01 earnings per share. The company’s revenue was up 10.8% compared to the same quarter last year. On average, research analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend was Wednesday, March 13th. Salesforce’s payout ratio is presently 9.52%.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of recent analyst reports. UBS Group boosted their price target on Salesforce from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. JPMorgan Chase & Co. increased their price target on shares of Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Wedbush upped their target price on Salesforce from $280.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Wells Fargo & Company lifted their price target on Salesforce from $280.00 to $290.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 21st. Finally, Truist Financial reaffirmed a “buy” rating and issued a $360.00 price objective (up from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $310.61.

Insider Activity

In related news, CFO Amy E. Weaver sold 7,075 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the transaction, the chief financial officer now directly owns 38,483 shares in the company, valued at $11,903,561.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Amy E. Weaver sold 7,075 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the transaction, the chief financial officer now directly owns 38,483 shares in the company, valued at approximately $11,903,561.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Amy E. Weaver sold 942 shares of Salesforce stock in a transaction on Monday, March 25th. The stock was sold at an average price of $305.46, for a total transaction of $287,743.32. Following the completion of the transaction, the chief financial officer now owns 39,416 shares in the company, valued at approximately $12,040,011.36. The disclosure for this sale can be found here. Insiders have sold a total of 614,993 shares of company stock worth $180,212,524 over the last ninety days. Company insiders own 3.70% of the company’s stock.

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.