InterOcean Capital Group LLC Sells 52 Shares of Salesforce, Inc. (NYSE:CRM)

InterOcean Capital Group LLC trimmed its position in Salesforce, Inc. (NYSE:CRM) by 1.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,441 shares of the CRM provider’s stock after selling 52 shares during the period. InterOcean Capital Group LLC’s holdings in Salesforce were worth $905,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC grew its position in Salesforce by 5.3% in the 4th quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock worth $3,926,323,000 after purchasing an additional 752,566 shares in the last quarter. Northern Trust Corp grew its position in shares of Salesforce by 1.1% during the 3rd quarter. Northern Trust Corp now owns 11,195,108 shares of the CRM provider’s stock valued at $2,270,144,000 after acquiring an additional 121,436 shares during the period. Norges Bank bought a new position in shares of Salesforce during the 4th quarter valued at approximately $2,762,331,000. Charles Schwab Investment Management Inc. grew its position in shares of Salesforce by 2.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,397,516 shares of the CRM provider’s stock valued at $1,420,302,000 after acquiring an additional 145,625 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Salesforce by 7.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,678,330 shares of the CRM provider’s stock valued at $948,676,000 after acquiring an additional 309,881 shares during the period. 80.43% of the stock is owned by institutional investors.

Salesforce Trading Down 1.6 %

Shares of CRM stock traded down $4.45 during mid-day trading on Thursday, reaching $279.37. The stock had a trading volume of 1,543,509 shares, compared to its average volume of 5,270,272. The stock’s 50-day moving average price is $287.88 and its two-hundred day moving average price is $273.68. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The firm has a market capitalization of $270.43 billion, a PE ratio of 66.93, a price-to-earnings-growth ratio of 2.51 and a beta of 1.30. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating 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 company had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the company earned $1.01 earnings per share. Salesforce’s quarterly revenue was up 10.8% on a year-over-year basis. Equities analysts expect that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were paid a $0.40 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.57%. Salesforce’s dividend payout ratio is presently 9.52%.

Wall Street Analyst Weigh In

CRM has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Wells Fargo & Company reduced their target price on shares of Salesforce from $310.00 to $300.00 and set an “equal weight” rating for the company in a research report on Thursday. Needham & Company LLC restated a “buy” rating and set a $345.00 price target on shares of Salesforce in a research note on Monday, April 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $350.00 price objective (up from $325.00) on shares of Salesforce in a report on Friday, April 12th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $360.00 price objective (up from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $310.94.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $269.53, for a total value of $4,042,950.00. Following the transaction, the chief executive officer now owns 12,707,327 shares in the company, valued at $3,425,005,846.31. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $269.53, for a total transaction of $4,042,950.00. Following the completion of the transaction, the chief executive officer now directly owns 12,707,327 shares of the company’s stock, valued at $3,425,005,846.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 7,075 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the transaction, the chief financial officer now directly owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 630,182 shares of company stock worth $183,257,351. Corporate insiders own 3.20% of the company’s stock.

Salesforce Company 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.