Keybank National Association OH Sells 2,358 Shares of Salesforce Inc. (NYSE:CRM)

Keybank National Association OH trimmed its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,941 shares of the CRM provider's stock after selling 2,358 shares during the period. Keybank National Association OH's holdings in Salesforce were worth $8,572,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CRM. Brighton Jones LLC lifted its position 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 purchasing an additional 3,102 shares in the last quarter. Revolve Wealth Partners LLC lifted 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 worth $611,000 after purchasing an additional 205 shares in the last quarter. Proficio Capital Partners LLC lifted its position in shares of Salesforce by 70.4% in the fourth quarter. Proficio Capital Partners LLC now owns 2,791 shares of the CRM provider's stock worth $933,000 after purchasing an additional 1,153 shares in the last quarter. Cullen Frost Bankers Inc. lifted its position in shares of Salesforce by 0.4% in the fourth quarter. Cullen Frost Bankers Inc. now owns 82,881 shares of the CRM provider's stock worth $27,709,000 after purchasing an additional 367 shares in the last quarter. Finally, Vision Financial Markets LLC purchased a new stake in shares of Salesforce in the fourth quarter worth approximately $104,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Performance

Shares of NYSE:CRM traded up $2.37 during trading on Friday, hitting $271.58. 5,031,804 shares of the stock were exchanged, compared to its average volume of 6,543,799. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The company has a market capitalization of $259.63 billion, a price-to-earnings ratio of 42.50, a price-to-earnings-growth ratio of 2.47 and a beta of 1.36. The company's fifty day simple moving average is $272.28 and its 200-day simple moving average is $291.46. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same quarter last year, the firm earned $2.44 EPS. Salesforce's revenue for the quarter was up 7.6% compared to the same quarter last year. Sell-side analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce's payout ratio is presently 25.98%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wells Fargo & Company upped their target price on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 29th. Jefferies Financial Group dropped their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Erste Group Bank lowered Salesforce from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. DA Davidson reissued an "underperform" rating and set a $200.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Finally, Macquarie reissued a "neutral" rating and set a $320.00 price objective on shares of Salesforce in a report on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $349.08.

Insider Buying and Selling at Salesforce

In related news, insider Srinivas Tallapragada sold 6,697 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the transaction, the insider owned 41,422 shares in the company, valued at $12,219,490. This trade represents a 13.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 1,525 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total value of $386,831.50. Following the transaction, the chief accounting officer owned 12,211 shares of the company's stock, valued at $3,097,442.26. This trade represents a 11.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,534 shares of company stock worth $7,609,842 over the last three months. 3.20% of the stock is currently owned by 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.