Eastern Bank Sells 43,054 Shares of Salesforce Inc. $CRM

Key Points

• Eastern Bank reduced its stake in Salesforce Inc. by 69.0%, selling 43,054 shares, leaving it with 19,333 shares valued at approximately $5.27 million.
• Salesforce recently declared a quarterly dividend of $0.416 per share, translating to an annualized dividend of $1.66 and a yield of 0.7%.
• The company reported earnings of $2.91 per share for its latest quarter, exceeding analysts' expectations of $2.78, with revenue reaching $10.24 billion, a 9.8% increase year-over-year.

Eastern Bank cut its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 69.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,333 shares of the CRM provider's stock after selling 43,054 shares during the period. Eastern Bank's holdings in Salesforce were worth $5,272,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Painted Porch Advisors LLC grew its stake in shares of Salesforce by 260.0% in the 2nd quarter. Painted Porch Advisors LLC now owns 90 shares of the CRM provider's stock valued at $25,000 after buying an additional 65 shares during the period. Capital A Wealth Management LLC grew its stake 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 during the period. CBIZ Investment Advisory Services LLC grew its stake 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 during the period. Abound Financial LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at about $31,000. Finally, Christopher J. Hasenberg Inc grew its stake in shares of Salesforce by 383.3% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 116 shares of the CRM provider's stock valued at $32,000 after buying an additional 92 shares during the period. 80.43% of the stock is owned by institutional investors.

Salesforce Trading Down 1.3%

NYSE:CRM opened at $242.11 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $230.49 billion, a PE ratio of 35.19, a price-to-earnings-growth ratio of 2.12 and a beta of 1.19. The firm's 50 day moving average is $244.68 and its 200 day moving average is $258.93. Salesforce Inc. has a 12 month low of $226.48 and a 12 month high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Wednesday, September 3rd. The CRM provider reported $2.91 EPS for the quarter, beating 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 firm had revenue of $10.24 billion for the quarter, compared to analysts' expectations of $10.14 billion. During the same quarter in the prior year, the firm earned $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. Sell-side analysts expect that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Stockholders 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 dividend yield of 0.7%. Salesforce's dividend payout ratio is presently 24.13%.

Insider Buying and Selling at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $248.40, for a total value of $558,900.00. Following the transaction, the chief executive officer owned 11,911,571 shares of the company's stock, valued at $2,958,834,236.40. This represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Blair Kirk bought 3,400 shares of Salesforce stock in a transaction that occurred on Tuesday, September 9th. The stock was purchased at an average cost of $254.66 per share, for a total transaction of $865,844.00. Following the purchase, the director owned 3,824 shares of the company's stock, valued at $973,819.84. The trade was a 801.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 78,750 shares of company stock worth $19,634,805. Insiders own 3.00% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CRM shares. Morgan Stanley lifted their price target on Salesforce from $404.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. JMP Securities reiterated a "market outperform" rating and set a $430.00 price target on shares of Salesforce in a research note on Tuesday, September 2nd. Roth Capital reiterated a "buy" rating and set a $395.00 price target on shares of Salesforce in a research note on Thursday, September 4th. Citigroup lifted their price target on Salesforce from $275.00 to $276.00 and gave the company a "neutral" rating in a research note on Tuesday, September 9th. Finally, Oppenheimer cut their price target on Salesforce from $370.00 to $315.00 and set an "outperform" rating for the company in a research note on Tuesday, August 26th. Twenty-six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Salesforce currently has a consensus rating of "Moderate Buy" and a consensus price target of $331.89.

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.