Central Pacific Bank Trust Division Decreases Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Central Pacific Bank Trust Division lessened its stake in Salesforce, Inc. (NYSE:CRM) by 24.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,822 shares of the CRM provider’s stock after selling 3,837 shares during the period. Central Pacific Bank Trust Division’s holdings in Salesforce were worth $3,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in CRM. Bernard Wealth Management Corp. purchased a new position in Salesforce during the 4th quarter worth $25,000. Accredited Wealth Management LLC acquired a new stake in Salesforce in the fourth quarter worth about $27,000. Arlington Trust Co LLC grew its stake in shares of Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares during the last quarter. Compass Financial Services Inc purchased a new position in shares of Salesforce in the 4th quarter valued at approximately $30,000. Finally, Asset Planning Inc purchased a new position in shares of Salesforce in the 4th quarter valued at approximately $31,000. 80.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $14,071,750. This represents a 11.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R David Schmaier sold 6,959 shares of the business’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the sale, the insider now owns 36,090 shares in the company, valued at approximately $9,141,957.90. This trade represents a 16.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,553 shares of company stock worth $12,897,323. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CRM. Oppenheimer restated an “outperform” rating and set a $370.00 price target (down previously from $380.00) on shares of Salesforce in a research note on Thursday. Piper Sandler upped their target price on Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday. DA Davidson restated an “underperform” rating and issued a $200.00 target price on shares of Salesforce in a research note on Wednesday. The Goldman Sachs Group increased their price objective on Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a report on Thursday. Finally, Loop Capital decreased their target price on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, thirty have assigned a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $342.90.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $267.36 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The firm has a market capitalization of $257.03 billion, a PE ratio of 43.97, a P/E/G ratio of 2.58 and a beta of 1.42. The business’s 50 day moving average price is $267.78 and its 200-day moving average price is $305.28.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to analysts’ expectations of $9.74 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.44 EPS. As a group, equities research analysts expect that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were given a dividend of $0.42 per share. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.63%. Salesforce’s payout ratio is presently 25.98%.

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.