Connable Office Inc. Boosts Holdings in Salesforce, Inc. (NYSE:CRM)

Connable Office Inc. raised its holdings in Salesforce, Inc. (NYSE:CRM) by 0.5% during the 3rd quarter, Holdings Channel reports. The firm owned 9,608 shares of the CRM provider’s stock after purchasing an additional 52 shares during the quarter. Connable Office Inc.’s holdings in Salesforce were worth $2,630,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CRM. Capital Research Global Investors lifted its stake in Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Salesforce in the first quarter worth $910,220,000. Swedbank AB purchased a new stake in shares of Salesforce in the first quarter valued at $874,748,000. Veritas Asset Management LLP acquired a new stake in shares of Salesforce during the third quarter valued at $733,805,000. Finally, Massachusetts Financial Services Co. MA increased its position in Salesforce by 48.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after purchasing an additional 1,922,674 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Bank of America upped their target price on shares of Salesforce from $325.00 to $390.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird raised their target price on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Piper Sandler cut shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. JMP Securities reissued a “market outperform” rating and set a $342.00 price target on shares of Salesforce in a research note on Wednesday, August 28th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, Salesforce has an average rating of “Moderate Buy” and an average target price of $322.51.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $255,905.13. Following the sale, the chief financial officer now owns 52,930 shares in the company, valued at $15,100,399.70. This represents a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 144,373 shares of company stock worth $41,250,680. Insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of CRM stock opened at $331.56 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The company’s fifty day moving average price is $283.28 and its two-hundred day moving average price is $265.84. The firm has a market capitalization of $316.97 billion, a P/E ratio of 57.66, a P/E/G ratio of 3.09 and a beta of 1.29. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $348.86.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (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 analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.63 earnings per share. On average, research analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is currently 27.83%.

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.