Arrow Financial Corp Sells 9,993 Shares of Salesforce Inc. (NYSE:CRM)

Arrow Financial Corp lowered its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 38.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,230 shares of the CRM provider's stock after selling 9,993 shares during the quarter. Arrow Financial Corp's holdings in Salesforce were worth $4,355,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Bernard Wealth Management Corp. acquired a new position in shares of Salesforce in the 4th quarter valued at $25,000. Accredited Wealth Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at $27,000. Wood Tarver Financial Group LLC bought a new stake in shares of Salesforce in the 4th quarter valued at $35,000. Capital A Wealth Management LLC increased its position in shares of Salesforce by 450.0% in the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock valued at $30,000 after buying an additional 90 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC increased its position in shares of Salesforce by 314.8% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after buying an additional 85 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Stock Performance

CRM stock traded down $0.73 during mid-day trading on Thursday, hitting $266.49. 2,424,622 shares of the company were exchanged, compared to its average volume of 7,147,398. The business has a 50 day simple moving average of $268.96 and a 200-day simple moving average of $285.09. 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 capitalization of $254.77 billion, a PE ratio of 41.74, a price-to-earnings-growth ratio of 2.39 and a beta of 1.36. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The company had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same period in the previous year, the business earned $2.44 earnings per share. The firm's quarterly revenue was up 7.6% on a year-over-year basis. On average, equities analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were paid a $0.416 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.62%. Salesforce's dividend payout ratio (DPR) is 25.98%.

Insider Buying and Selling

In other Salesforce news, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the sale, the insider owned 41,422 shares of the company's stock, valued at approximately $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $271.69, for a total transaction of $611,302.50. Following the sale, the chief executive officer directly owned 11,862,457 shares in the company, valued at approximately $3,222,910,942.33. The trade was a 0.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,229 shares of company stock worth $8,492,036 over the last three months. 3.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CRM has been the subject of a number of recent analyst reports. Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. Oppenheimer restated an "outperform" rating and issued a $370.00 price objective on shares of Salesforce in a research report on Tuesday, June 10th. Needham & Company LLC restated a "buy" rating and issued a $400.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Wells Fargo & Company upped their price objective on shares of Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research report on Thursday, May 29th. Finally, Cantor Fitzgerald cut shares of Salesforce from an "overweight" rating to a "cautious" rating in a research report on Thursday, July 10th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce has an average rating of "Moderate Buy" and a consensus target price of $348.16.

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.