Salesforce, Inc. (NYSE:CRM) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 20.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 242,522 shares of the CRM provider’s stock after selling 62,051 shares during the period. Glenmede Trust Co. NA’s holdings in Salesforce were worth $66,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of CRM. Fernbridge Capital Management LP increased its position in Salesforce by 19.2% in the 3rd quarter. Fernbridge Capital Management LP now owns 1,072,422 shares of the CRM provider’s stock valued at $293,533,000 after acquiring an additional 172,534 shares during the period. Transamerica Financial Advisors Inc. acquired a new position in Salesforce in the third quarter worth approximately $3,672,000. Shum Financial Group Inc. acquired a new stake in shares of Salesforce during the third quarter worth $1,158,000. J. Stern & Co. LLP lifted its stake in Salesforce by 5.3% during the third quarter. J. Stern & Co. LLP now owns 168,275 shares of the CRM provider’s stock valued at $46,059,000 after buying an additional 8,426 shares in the last quarter. Finally, Principal Street Partners LLC lifted its position in shares of Salesforce by 1.0% in the 3rd 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 in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on CRM shares. Citigroup raised their price objective on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. JMP Securities upped their price objective on shares of Salesforce from $342.00 to $450.00 and gave the stock a “market outperform” rating in a report on Friday, November 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price objective on shares of Salesforce in a report on Friday, September 20th. Bank of America raised their target price on Salesforce from $325.00 to $390.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Cfra set a $343.00 price target on shares of Salesforce in a report on Thursday, October 17th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $339.66.

Salesforce Stock Up 1.2 %

Shares of NYSE CRM opened at $343.21 on Wednesday. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $348.86. 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 stock has a market cap of $328.11 billion, a P/E ratio of 59.69, a P/E/G ratio of 3.07 and a beta of 1.29. The firm has a 50 day moving average price of $298.02 and a 200 day moving average price of $269.44.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share 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 company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period last year, the firm posted $1.63 earnings per share. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. Analysts expect 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. Shareholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.47%. Salesforce’s dividend payout ratio is presently 27.83%.

Insider Buying and Selling at Salesforce

In related news, insider Miguel Milano sold 719 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the completion of the transaction, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. The trade was a 13.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Brian Millham sold 14,808 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $338.95, for a total value of $5,019,171.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,510 shares of company stock valued at $42,475,538. Company insiders own 3.20% of the company’s stock.

Salesforce Company 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.