Plimoth Trust Co. LLC Lowers Holdings in Salesforce Inc. (NYSE:CRM)

Plimoth Trust Co. LLC trimmed its position in Salesforce Inc. (NYSE:CRM - Free Report) by 19.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,297 shares of the CRM provider's stock after selling 4,456 shares during the quarter. Salesforce comprises about 1.3% of Plimoth Trust Co. LLC's investment portfolio, making the stock its 19th biggest position. Plimoth Trust Co. LLC's holdings in Salesforce were worth $4,910,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CRM. Bernard Wealth Management Corp. bought a new stake in Salesforce in the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC bought a new stake in Salesforce in the fourth quarter worth $27,000. Halbert Hargrove Global Advisors LLC bought a new position in Salesforce during the fourth quarter valued at $35,000. Wood Tarver Financial Group LLC bought a new stake in shares of Salesforce in the 4th quarter worth about $35,000. Finally, VSM Wealth Advisory LLC bought a new stake in Salesforce during the fourth quarter worth approximately $45,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Stock Down 1.4%

Shares of NYSE CRM traded down $3.78 during midday trading on Thursday, reaching $258.98. 7,623,720 shares of the company's stock traded hands, compared to its average volume of 6,535,521. The company has a market cap of $247.59 billion, a price-to-earnings ratio of 40.53, a P/E/G ratio of 2.38 and a beta of 1.38. The stock's 50 day simple moving average is $268.31 and its 200-day simple moving average is $298.72. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a one year low of $230.00 and a one year high of $369.00.

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

Salesforce Cuts Dividend

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

Insider Buying and Selling

In other Salesforce news, insider Srinivas Tallapragada sold 6,697 shares of Salesforce stock in a transaction dated 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 sale, the insider now owns 41,422 shares of the company's stock, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the sale, the insider now directly owns 9,323 shares of the company's stock, valued at $2,605,219.12. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,111 shares of company stock worth $9,299,283 in the last three months. Corporate 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 lowered their price objective on Salesforce from $430.00 to $400.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Guggenheim raised shares of Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. BMO Capital Markets cut their price objective on shares of Salesforce from $367.00 to $350.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 27th. Piper Sandler raised their target price on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $404.00 price target (up from $393.00) on shares of Salesforce in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has an average rating of "Moderate Buy" and an average price target of $349.08.

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.