Citizens National Bank Trust Department Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

Citizens National Bank Trust Department lifted its stake in shares of Salesforce, Inc. (NYSE:CRMFree Report) by 67.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,957 shares of the CRM provider’s stock after acquiring an additional 790 shares during the quarter. Citizens National Bank Trust Department’s holdings in Salesforce were worth $515,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CRM. State Street Corp raised its holdings in Salesforce by 0.9% during the 1st quarter. State Street Corp now owns 45,509,345 shares of the CRM provider’s stock valued at $9,091,832,000 after buying an additional 391,648 shares during the period. Morgan Stanley boosted its holdings in Salesforce by 0.8% in the fourth quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock worth $2,519,719,000 after acquiring an additional 149,012 shares in the last quarter. Northern Trust Corp boosted its holdings in Salesforce by 1.1% in the third quarter. Northern Trust Corp now owns 11,195,108 shares of the CRM provider’s stock worth $2,270,144,000 after acquiring an additional 121,436 shares in the last quarter. Norges Bank acquired a new stake in Salesforce in the fourth quarter worth about $1,420,381,000. Finally, Moneta Group Investment Advisors LLC boosted its holdings in Salesforce by 125,717.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock worth $1,360,428,000 after acquiring an additional 10,252,257 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Truist Financial restated a “buy” rating and issued a $360.00 price objective (up from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Canaccord Genuity Group reissued a “buy” rating and set a $350.00 price objective on shares of Salesforce in a research note on Thursday, March 7th. Wells Fargo & Company increased their price target on Salesforce from $280.00 to $290.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 21st. StockNews.com lowered Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Finally, JPMorgan Chase & Co. raised their target price on Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $305.77.

View Our Latest Report on Salesforce

Salesforce Stock Down 1.6 %

NYSE:CRM traded down $4.83 on Friday, hitting $294.32. 3,815,268 shares of the company’s stock were exchanged, compared to its average volume of 5,511,131. The firm has a 50-day moving average price of $298.65 and a 200-day moving average price of $258.37. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. Salesforce, Inc. has a 52 week low of $190.45 and a 52 week high of $318.71. The company has a market cap of $285.49 billion, a P/E ratio of 70.15, a price-to-earnings-growth ratio of 2.30 and a beta of 1.28.

Salesforce (NYSE:CRMGet Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, topping the consensus estimate of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the firm posted $1.01 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, analysts expect that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. Salesforce’s payout ratio is 9.52%.

Insider Activity

In other news, insider Srinivas Tallapragada sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $270.28, for a total transaction of $2,702,800.00. Following the transaction, the insider now directly owns 59,861 shares of the company’s stock, valued at $16,179,231.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total value of $60,201.36. Following the transaction, the chief accounting officer now directly owns 2,869 shares of the company’s stock, valued at $799,618.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Srinivas Tallapragada sold 10,000 shares of Salesforce stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $270.28, for a total transaction of $2,702,800.00. Following the completion of the transaction, the insider now directly owns 59,861 shares in the company, valued at $16,179,231.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 907,375 shares of company stock valued at $262,519,346. 3.70% of the stock is owned by company insiders.

About Salesforce

(Free Report)

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.

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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