Spinnaker Trust Purchases 1,054 Shares of Salesforce, Inc. (NYSE:CRM)

Spinnaker Trust grew its position in Salesforce, Inc. (NYSE:CRM) by 3.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,707 shares of the CRM provider’s stock after acquiring an additional 1,054 shares during the quarter. Spinnaker Trust’s holdings in Salesforce were worth $7,817,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Marks Group Wealth Management Inc lifted its position in Salesforce by 0.7% in the fourth quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after purchasing an additional 257 shares during the period. Walkner Condon Financial Advisors LLC raised its stake in shares of Salesforce by 2.9% in the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 2,633 shares of the CRM provider’s stock valued at $534,000 after buying an additional 74 shares in the last quarter. Roman Butler Fullerton & Co. lifted its holdings in shares of Salesforce by 1.4% during the 4th quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock worth $2,206,000 after acquiring an additional 105 shares during the period. Pure Financial Advisors LLC acquired a new stake in shares of Salesforce during the 4th quarter valued at about $214,000. Finally, Riversedge Advisors LLC raised its position in Salesforce by 21.7% in the third quarter. Riversedge Advisors LLC now owns 2,353 shares of the CRM provider’s stock worth $477,000 after purchasing an additional 420 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Up 0.4 %

Shares of Salesforce stock traded up $1.07 on Friday, hitting $274.21. 3,753,890 shares of the company’s stock traded hands, compared to its average volume of 5,661,873. Salesforce, Inc. has a one year low of $190.76 and a one year high of $318.71. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $265.98 billion, a PE ratio of 65.29, a price-to-earnings-growth ratio of 2.12 and a beta of 1.28. The firm’s 50-day moving average price is $295.97 and its two-hundred day moving average price is $263.90.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.06. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 earnings per share. On average, research analysts expect that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders 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 annualized dividend and a yield of 0.58%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Analyst Ratings Changes

CRM has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price objective on Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Truist Financial reiterated a “buy” rating and set a $360.00 price objective (up from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Evercore ISI boosted their target price on shares of Salesforce from $290.00 to $330.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. BMO Capital Markets increased their target price on shares of Salesforce from $325.00 to $335.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Finally, StockNews.com lowered shares of Salesforce from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 19th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $310.61.

Insider Transactions at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $285.05, for a total transaction of $4,275,750.00. Following the transaction, the chief executive officer now directly owns 13,656,166 shares in the company, valued at $3,892,690,118.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, COO Brian Millham sold 24,453 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $302.08, for a total transaction of $7,386,762.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $285.05, for a total transaction of $4,275,750.00. Following the completion of the transaction, the chief executive officer now directly owns 13,656,166 shares of the company’s stock, valued at $3,892,690,118.30. The disclosure for this sale can be found here. Insiders have sold a total of 620,793 shares of company stock valued at $182,177,918 over the last three months. 3.70% of the stock is currently owned by corporate insiders.

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.