Greenfield Savings Bank Makes New Investment in Salesforce, Inc. (NYSE:CRM)

Greenfield Savings Bank acquired a new stake in shares of Salesforce, Inc. (NYSE:CRM) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,383 shares of the CRM provider’s stock, valued at approximately $379,000.

A number of other hedge funds have also made changes to their positions in CRM. Prentice Wealth Management LLC increased its position in Salesforce by 1.5% during the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after buying an additional 37 shares during the last quarter. Fox Hill Wealth Management increased its position in Salesforce by 4.0% during the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after buying an additional 38 shares during the last quarter. Pinnacle Wealth Planning Services Inc. increased its position in Salesforce by 0.8% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after buying an additional 38 shares during the last quarter. Fulton Bank N.A. increased its position in Salesforce by 0.4% during the third quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock worth $2,537,000 after buying an additional 38 shares during the last quarter. Finally, Blue Barn Wealth LLC increased its position in Salesforce by 1.8% during the first quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock worth $665,000 after buying an additional 39 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRM. TD Cowen boosted their price target on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Raymond James boosted their price target on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. FBN Securities upgraded Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Truist Financial restated a “buy” rating and set a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Finally, Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $310.74.

Salesforce Stock Performance

NYSE CRM opened at $284.48 on Tuesday. The company has a market capitalization of $275.66 billion, a price-to-earnings ratio of 51.17, a PEG ratio of 2.39 and a beta of 1.30. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The stock has a fifty day simple moving average of $258.53 and a 200 day simple moving average of $264.22. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 earnings per share. Sell-side analysts expect that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.56%. Salesforce’s payout ratio is currently 28.78%.

Insiders Place Their Bets

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider R David Schmaier sold 1,155 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $295,425.90. Following the sale, the insider now owns 20,556 shares of the company’s stock, valued at approximately $5,257,813.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,412 shares of company stock worth $20,071,723. Company insiders own 3.20% of the company’s stock.

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.