SevenBridge Financial Group LLC Purchases 344 Shares of Salesforce, Inc. (NYSE:CRM)

SevenBridge Financial Group LLC increased its position in Salesforce, Inc. (NYSE:CRM) by 29.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,518 shares of the CRM provider’s stock after buying an additional 344 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Salesforce were worth $415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Swedbank AB bought a new position in shares of Salesforce during the 1st quarter valued at $874,748,000. Veritas Asset Management LLP bought a new stake in Salesforce in the third quarter worth $733,805,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after acquiring an additional 1,922,674 shares during the last quarter. AMF Tjanstepension AB lifted its stake in shares of Salesforce by 376.1% in the 2nd quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock valued at $370,873,000 after acquiring an additional 1,139,472 shares during the last quarter. Finally, KBC Group NV boosted its holdings in Salesforce by 171.2% during the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after acquiring an additional 1,032,068 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of CRM stock opened at $342.02 on Friday. The company has a market capitalization of $326.97 billion, a price-to-earnings ratio of 59.48, a price-to-earnings-growth ratio of 3.04 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a one year low of $212.00 and a one year high of $348.86. The company’s 50-day moving average is $294.61 and its 200 day moving average is $268.60.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating 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 firm had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the prior year, the company posted $1.63 earnings per share. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. Sell-side analysts expect that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s payout ratio is currently 27.83%.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total value of $1,104,180.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at approximately $30,912,044.90. This represents a 3.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Brian Millham sold 60,522 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. Insiders have sold 147,991 shares of company stock valued at $43,333,238 over the last ninety days. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

CRM has been the topic of several recent analyst reports. Piper Sandler cut shares of Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Raymond James boosted their price objective on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. TD Cowen upped their price objective on shares of Salesforce from $290.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday. Cfra set a $343.00 target price on Salesforce in a research note on Thursday, October 17th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $335.00 price target on shares of Salesforce in a research report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and an average target price of $336.37.

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.