Salesforce Inc. (NYSE:CRM) Shares Sold by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB reduced its stake in Salesforce Inc. by 17.5%, selling 122,011 shares, and now holds 573,661 shares.
• In the most recent quarter, Salesforce reported $9.83 billion in revenue, exceeding analyst estimates and reflecting a 7.6% increase compared to the previous year.
• Salesforce's stock has a consensus rating of "Moderate Buy" with a target price of $348.16, as numerous analysts have adjusted their projections accordingly.

Skandinaviska Enskilda Banken AB publ reduced its position in Salesforce Inc. (NYSE:CRM - Free Report) by 17.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 573,661 shares of the CRM provider's stock after selling 122,011 shares during the quarter. Salesforce accounts for approximately 0.8% of Skandinaviska Enskilda Banken AB publ's holdings, making the stock its 25th biggest holding. Skandinaviska Enskilda Banken AB publ owned approximately 0.06% of Salesforce worth $153,948,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRM. Phoenix Financial Ltd. increased its position in shares of Salesforce by 42.6% during the first quarter. Phoenix Financial Ltd. now owns 53,012 shares of the CRM provider's stock worth $14,252,000 after acquiring an additional 15,838 shares during the period. Equitable Trust Co. raised its holdings in shares of Salesforce by 1.3% in the first quarter. Equitable Trust Co. now owns 37,157 shares of the CRM provider's stock worth $9,971,000 after buying an additional 493 shares during the last quarter. Baillie Gifford & Co. purchased a new position in shares of Salesforce in the first quarter worth $321,467,000. Drive Wealth Management LLC raised its holdings in shares of Salesforce by 111.3% during the first quarter. Drive Wealth Management LLC now owns 5,360 shares of the CRM provider's stock worth $1,439,000 after purchasing an additional 2,823 shares during the last quarter. Finally, Caliber Wealth Management LLC KS purchased a new position in shares of Salesforce during the first quarter worth $1,882,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CRM shares. Piper Sandler lifted their price objective on shares of Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a report on Wednesday, May 28th. Sanford C. Bernstein lifted their price objective on shares of Salesforce from $243.00 to $255.00 and gave the company an "underperform" rating in a report on Thursday, May 29th. Westpark Capital reaffirmed a "buy" rating and issued a $320.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Needham & Company LLC reaffirmed a "buy" rating and issued a $400.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Finally, Erste Group Bank cut shares of Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $348.16.

Salesforce Stock Up 0.5%

Shares of NYSE:CRM traded up $1.41 during trading hours on Friday, reaching $269.11. The stock had a trading volume of 4,013,320 shares, compared to its average volume of 6,704,325. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00. The firm's 50 day moving average is $268.07 and its 200-day moving average is $284.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $257.27 billion, a price-to-earnings ratio of 42.11, a P/E/G ratio of 2.43 and a beta of 1.36.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The company's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.44 EPS. Research analysts predict 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. Investors of record on Wednesday, June 18th were given a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio (DPR) is 25.98%.

Insiders Place Their Bets

In related news, insider Srinivas Tallapragada sold 6,697 shares of the stock in a transaction on Wednesday, May 14th. The shares were 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 owned 41,422 shares in the company, valued at $12,219,490. This represents a 13.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Marc Benioff sold 2,250 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $271.69, for a total transaction of $611,302.50. Following the sale, the chief executive officer owned 11,862,457 shares of the company's stock, valued at approximately $3,222,910,942.33. This represents a 0.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,479 shares of company stock worth $9,091,796 over 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.