Salesforce Inc. (NYSE:CRM) Shares Sold by Trust Co of Kansas

Trust Co of Kansas cut its holdings in shares of Salesforce Inc. (NYSE:CRM) by 1.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,058 shares of the CRM provider’s stock after selling 287 shares during the period. Salesforce accounts for approximately 3.0% of Trust Co of Kansas’ investment portfolio, making the stock its 14th biggest holding. Trust Co of Kansas’ holdings in Salesforce were worth $5,651,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CRM. Bernard Wealth Management Corp. acquired a new position in Salesforce during the 4th quarter valued at approximately $25,000. Accredited Wealth Management LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at $27,000. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Salesforce in the 4th quarter valued at $35,000. Wood Tarver Financial Group LLC acquired a new stake in Salesforce during the 4th quarter worth about $35,000. Finally, VSM Wealth Advisory LLC purchased a new stake in Salesforce during the 4th quarter valued at about $45,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRM. BMO Capital Markets decreased their target price on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a report on Tuesday, May 27th. Jefferies Financial Group reduced their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Stephens dropped their price objective on shares of Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. Robert W. Baird reduced their target price on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Finally, Citigroup decreased their target price on shares of Salesforce from $320.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $349.08.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 1,256 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $318,157.36. Following the completion of the transaction, the chief accounting officer now owns 12,826 shares of the company’s stock, valued at $3,248,954.06. This trade represents a 8.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Brian Millham sold 979 shares of the business’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total value of $248,333.14. Following the transaction, the chief executive officer now directly owns 6,487 shares of the company’s stock, valued at $1,645,492.42. The trade was a 13.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,284 shares of company stock worth $6,996,762. Company insiders own 3.20% of the company’s stock.

Salesforce Trading Up 3.0%

CRM stock opened at $271.43 on Wednesday. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The business’s 50-day moving average is $269.02 and its 200 day moving average is $295.94. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The stock has a market cap of $259.49 billion, a price-to-earnings ratio of 42.48, a PEG ratio of 2.39 and a beta of 1.38.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.44 earnings per share. On average, sell-side analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be issued a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date is Wednesday, June 18th. Salesforce’s dividend 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.