Pinnacle Wealth Planning Services Inc. Sells 2,357 Shares of Salesforce, Inc. (NYSE:CRM)

Pinnacle Wealth Planning Services Inc. decreased its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 51.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,238 shares of the CRM provider's stock after selling 2,357 shares during the period. Pinnacle Wealth Planning Services Inc.'s holdings in Salesforce were worth $748,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of Salesforce by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock valued at $6,656,078,000 after buying an additional 175,035 shares during the period. Fisher Asset Management LLC lifted its holdings in Salesforce by 1.4% during the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock worth $4,163,703,000 after buying an additional 177,321 shares during the last quarter. Northern Trust Corp boosted 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 valued at $3,752,830,000 after buying an additional 1,736,667 shares during the period. Norges Bank bought a new position in shares of Salesforce during the fourth quarter valued at approximately $3,599,867,000. Finally, Price T Rowe Associates Inc. MD increased its position in Salesforce by 23.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock worth $2,988,422,000 after buying an additional 1,683,233 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Salesforce

In other news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the transaction, the chief financial officer now owns 46,750 shares of the company's stock, valued at approximately $14,071,750. This represents a 11.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider R David Schmaier sold 6,959 shares of the firm's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the completion of the transaction, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. The trade was a 16.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,553 shares of company stock valued at $12,897,323. Insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

CRM has been the subject of several analyst reports. Robert W. Baird reduced their price objective on Salesforce from $430.00 to $400.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Jefferies Financial Group reduced their price target on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Piper Sandler reissued an "overweight" rating on shares of Salesforce in a report on Wednesday. Westpark Capital reiterated a "buy" rating and issued a $320.00 price objective on shares of Salesforce in a report on Wednesday. Finally, The Goldman Sachs Group boosted their target price on Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a report on Thursday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty have given a buy rating and five have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $341.87.

Salesforce Stock Down 4.7%

CRM stock traded down $12.99 during midday trading on Thursday, reaching $263.04. The company had a trading volume of 17,916,824 shares, compared to its average volume of 6,995,003. The company has a 50 day moving average of $268.16 and a two-hundred day moving average of $305.79. The company has a market capitalization of $252.88 billion, a P/E ratio of 43.28, a PEG ratio of 2.58 and a beta of 1.42. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last issued its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS 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 firm had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. The business's quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts expect that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were issued a dividend of $0.42 per share. The ex-dividend date was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.64%. This is an increase from Salesforce's previous quarterly dividend of $0.40. Salesforce's dividend payout ratio (DPR) is currently 26.10%.

Salesforce 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.