Berkshire Bank Sells 278 Shares of Salesforce, Inc. (NYSE:CRM)

Berkshire Bank lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 3.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,957 shares of the CRM provider’s stock after selling 278 shares during the period. Berkshire Bank’s holdings in Salesforce were worth $1,867,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in CRM. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce during the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce in the fourth quarter worth approximately $27,000. Halbert Hargrove Global Advisors LLC purchased a new stake in Salesforce in the fourth quarter worth approximately $35,000. Wood Tarver Financial Group LLC purchased a new stake in Salesforce in the fourth quarter worth approximately $35,000. Finally, VSM Wealth Advisory LLC purchased a new stake in Salesforce in the fourth quarter worth approximately $45,000. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, insider Miguel Milano sold 705 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now directly owns 9,323 shares in the company, valued at $2,605,219.12. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Srinivas Tallapragada sold 6,697 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the sale, the insider now owns 41,422 shares in the company, valued at approximately $12,219,490. This trade represents a 13.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,111 shares of company stock worth $9,299,283. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE:CRM opened at $263.63 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $252.03 billion, a P/E ratio of 43.36, a P/E/G ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 12 month low of $227.77 and a 12 month high of $369.00. The business’s 50-day moving average is $268.49 and its 200 day moving average is $299.25.

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

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be given a $0.416 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce’s dividend payout ratio is currently 25.98%.

Wall Street Analyst Weigh In

CRM has been the topic of several research reports. Morgan Stanley restated an “overweight” rating and issued a $404.00 target price (up previously from $393.00) on shares of Salesforce in a report on Thursday, May 29th. The Goldman Sachs Group raised their target price on shares of Salesforce from $340.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, May 29th. Royal Bank of Canada cut shares of Salesforce from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $420.00 to $275.00 in a report on Thursday, May 29th. Needham & Company LLC restated a “buy” rating and issued a $400.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Finally, Barclays dropped their target price on shares of Salesforce from $425.00 to $347.00 and set an “overweight” rating on the stock in a report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $346.34.

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.