Cidel Asset Management Inc. Sells 9,443 Shares of Salesforce Inc. $CRM

Key Points

• Cidel Asset Management Inc. reduced its stake in Salesforce Inc. by 16.0%, selling 9,443 shares and holding a total of 49,392 shares valued at approximately $13.47 million.
• Salesforce's CEO, Marc Benioff, sold 2,250 shares at an average price of $238.37, retaining 11.91 million shares valued at about $2.84 billion.
• Wall Street analysts have mixed outlooks on Salesforce, with 25 analysts rating it a 'Buy', while the overall consensus price target is set at $325.23.

Cidel Asset Management Inc. trimmed its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 16.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 49,392 shares of the CRM provider's stock after selling 9,443 shares during the period. Cidel Asset Management Inc.'s holdings in Salesforce were worth $13,469,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Nuveen LLC bought a new position in shares of Salesforce in the 1st quarter worth $2,039,196,000. Longview Partners Guernsey LTD bought a new position in shares of Salesforce in the 1st quarter worth $467,944,000. Pacer Advisors Inc. lifted its holdings in shares of Salesforce by 1,744.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,820,262 shares of the CRM provider's stock worth $488,486,000 after purchasing an additional 1,721,550 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Salesforce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 87,913,628 shares of the CRM provider's stock worth $23,592,501,000 after purchasing an additional 1,383,942 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new position in shares of Salesforce in the 1st quarter worth $345,100,000. 80.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $238.37, for a total value of $536,332.50. Following the completion of the sale, the chief executive officer owned 11,911,571 shares of the company's stock, valued at approximately $2,839,361,179.27. This trade represents a 0.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 78,750 shares of company stock valued at $19,521,495. Company insiders own 3.00% of the company's stock.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of recent research reports. Bank of America cut their target price on Salesforce from $350.00 to $325.00 and set a "buy" rating on the stock in a report on Tuesday, August 26th. UBS Group cut their target price on Salesforce from $300.00 to $260.00 and set a "neutral" rating on the stock in a report on Monday, August 18th. Macquarie reissued a "neutral" rating and issued a $250.00 price target on shares of Salesforce in a research report on Thursday. Needham & Company LLC reissued a "buy" rating and issued a $400.00 price target on shares of Salesforce in a research report on Thursday. Finally, Stifel Nicolaus lowered their price target on Salesforce from $325.00 to $300.00 and set a "buy" rating for the company in a research report on Thursday, October 9th. Twenty-five analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Salesforce Trading Down 1.1%

NYSE CRM opened at $243.27 on Friday. The stock has a market capitalization of $231.59 billion, a price-to-earnings ratio of 35.36, a PEG ratio of 2.10 and a beta of 1.19. Salesforce Inc. has a one year low of $226.48 and a one year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.12 and a quick ratio of 1.12. The business's fifty day moving average is $244.38 and its 200-day moving average is $257.77.

Salesforce (NYSE:CRM - Get Free Report) last released its earnings results on Wednesday, September 3rd. The CRM provider reported $2.91 EPS for the quarter, topping analysts' consensus estimates of $2.78 by $0.13. Salesforce had a return on equity of 13.27% and a net margin of 16.87%.The company had revenue of $10.24 billion for the quarter, compared to analysts' expectations of $10.14 billion. During the same period in the previous year, the business posted $2.56 EPS. The business's revenue for the quarter was up 9.8% compared to the same quarter last year. Salesforce has set its FY 2026 guidance at 11.330-11.370 EPS. Q3 2026 guidance at 2.840-2.860 EPS. Equities research analysts predict that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Wednesday, September 17th were issued a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, September 17th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce's dividend payout ratio (DPR) is 24.13%.

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.

Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce Inc. (NYSE:CRM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.