Salesforce, Inc. (NYSE:CRM) Stock Position Raised by First County Bank CT

First County Bank CT grew its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 79.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,745 shares of the CRM provider's stock after purchasing an additional 3,878 shares during the quarter. Salesforce comprises approximately 1.3% of First County Bank CT's portfolio, making the stock its 17th biggest holding. First County Bank CT's holdings in Salesforce were worth $2,347,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of CRM. Tallon Kerry Patrick bought a new stake in Salesforce during the 4th quarter valued at $236,000. Brighton Jones LLC boosted its holdings in shares of Salesforce by 13.7% in the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider's stock worth $8,582,000 after acquiring an additional 3,102 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of Salesforce in the fourth quarter valued at $104,173,000. Revolve Wealth Partners LLC grew its position in shares of Salesforce by 12.6% in the fourth quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider's stock valued at $611,000 after purchasing an additional 205 shares in the last quarter. Finally, Gateway Wealth Partners LLC bought a new stake in shares of Salesforce during the 4th quarter valued at $306,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Stock Down 0.7%

Shares of CRM traded down $1.89 during midday trading on Friday, reaching $265.03. The stock had a trading volume of 12,373,506 shares, compared to its average volume of 6,790,605. The company has a market cap of $254.80 billion, a price-to-earnings ratio of 43.59, a PEG ratio of 2.58 and a beta of 1.42. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company's fifty day simple moving average is $267.31 and its two-hundred day simple moving average is $304.75. Salesforce, Inc. has a 1-year low of $216.06 and a 1-year high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings data 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 return on equity of 12.34% and a net margin of 15.96%. The company had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same quarter in the previous year, the business earned $2.44 earnings per share. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts expect that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend was Thursday, April 10th. This is an increase from Salesforce's previous quarterly dividend of $0.40. Salesforce's payout ratio is 25.98%.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRM. Mizuho cut their target price on Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a research note on Thursday, May 15th. The Goldman Sachs Group raised their price objective on shares of Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday. Bank of America reduced their price objective on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Redburn Atlantic started coverage on shares of Salesforce in a research note on Wednesday, February 19th. They issued a "buy" rating on the stock. Finally, Canaccord Genuity Group reduced their price target on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce presently has a consensus rating of "Moderate Buy" and a consensus target price of $342.21.

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 1,909 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares in the company, valued at approximately $3,218,599.80. This trade represents a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Amy E. Weaver sold 6,221 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the sale, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at approximately $12,967,047.50. The trade was a 11.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,553 shares of company stock worth $12,897,323 in the last ninety days. Insiders own 3.20% of the company's stock.

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.