Salesforce, Inc. (NYSE:CRM) Shares Sold by Charter Oak Capital Management LLC

Charter Oak Capital Management LLC cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 9.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,139 shares of the CRM provider’s stock after selling 897 shares during the quarter. Charter Oak Capital Management LLC’s holdings in Salesforce were worth $2,093,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CRM. Ruedi Wealth Management Inc. raised its holdings in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares in the last quarter. Signature Resources Capital Management LLC acquired a new stake in shares of Salesforce in the 4th quarter valued at $26,000. Piscataqua Savings Bank raised its holdings in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares in the last quarter. Red Tortoise LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at $33,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Salesforce in the 4th quarter valued at $35,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Mizuho dropped their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Canaccord Genuity Group lowered their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Piper Sandler reissued a “neutral” rating and set a $250.00 price objective on shares of Salesforce in a research report on Friday, July 12th. Morgan Stanley lowered their price objective on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Finally, Jefferies Financial Group lowered their price objective on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $291.50.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $269.32, for a total transaction of $4,039,800.00. Following the transaction, the chief executive officer now directly owns 12,437,327 shares of the company’s stock, valued at $3,349,620,907.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $269.32, for a total value of $4,039,800.00. Following the sale, the chief executive officer now directly owns 12,437,327 shares of the company’s stock, valued at $3,349,620,907.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Brian Millham sold 4,056 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $261.50, for a total transaction of $1,060,644.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 142,964 shares of company stock valued at $35,273,059. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Up 2.1 %

Salesforce stock traded up $5.33 during trading on Friday, reaching $263.92. The company had a trading volume of 4,709,214 shares, compared to its average volume of 6,563,299. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The stock’s 50 day moving average price is $252.09 and its two-hundred day moving average price is $272.22. The firm has a market capitalization of $255.74 billion, a price-to-earnings ratio of 47.47, a PEG ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same period in the previous year, the firm earned $1.15 earnings per share. Salesforce’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, equities analysts expect that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.61%. Salesforce’s payout ratio is currently 28.78%.

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.