M&T Bank Corp Sells 16,612 Shares of Salesforce Inc. (NYSE:CRM)

M&T Bank Corp lessened its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 8.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 175,840 shares of the CRM provider's stock after selling 16,612 shares during the period. M&T Bank Corp's holdings in Salesforce were worth $47,188,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Salesforce in the 4th quarter worth $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Salesforce by 926.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock worth $1,422,979,000 after buying an additional 3,841,521 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Salesforce by 30,456.9% in the 1st quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock worth $1,020,194,000 after buying an additional 3,789,147 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Salesforce by 42.5% in the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after buying an additional 2,325,156 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after buying an additional 1,736,667 shares during the last quarter. Institutional investors own 80.43% of the company's stock.

Salesforce Trading Down 1.7%

Shares of NYSE:CRM traded down $4.51 on Friday, hitting $259.46. The company had a trading volume of 2,177,678 shares, compared to its average volume of 6,517,418. The firm's 50-day simple moving average is $272.43 and its two-hundred day simple moving average is $289.84. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $248.04 billion, a price-to-earnings ratio of 40.61, a P/E/G ratio of 2.46 and a beta of 1.36.

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

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were given a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.64%. Salesforce's dividend payout ratio is 25.98%.

Analyst Upgrades and Downgrades

CRM has been the topic of a number of research analyst reports. Piper Sandler increased their price target on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. Jefferies Financial Group decreased their price target on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Stephens decreased their price target on shares of Salesforce from $311.00 to $309.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Cantor Fitzgerald lowered shares of Salesforce from an "overweight" rating to a "cautious" rating in a report on Thursday. Finally, Macquarie reaffirmed a "neutral" rating and issued a $320.00 price objective on shares of Salesforce in a research note on Thursday, March 20th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $348.16.

Insider Transactions at Salesforce

In related news, CAO Sundeep G. Reddy sold 261 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $262.35, for a total value of $68,473.35. Following the completion of the transaction, the chief accounting officer directly owned 12,024 shares in the company, valued at $3,154,496.40. This trade represents a 2.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Parker Harris sold 1,142 shares of the stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $299,603.70. Following the completion of the transaction, the insider owned 136,824 shares of the company's stock, valued at approximately $35,895,776.40. The trade was a 0.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,284 shares of company stock worth $9,444,537. 3.20% of the stock is owned by corporate insiders.

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.