Truist Financial Corp Sells 12,247 Shares of Salesforce Inc. (NYSE:CRM)

Truist Financial Corp trimmed its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 410,351 shares of the CRM provider's stock after selling 12,247 shares during the period. Truist Financial Corp's holdings in Salesforce were worth $110,122,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Bernard Wealth Management Corp. purchased a new stake in Salesforce in the fourth quarter worth approximately $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce in the fourth quarter worth approximately $27,000. Wood Tarver Financial Group LLC purchased a new stake in Salesforce in the fourth quarter worth approximately $35,000. VSM Wealth Advisory LLC purchased a new stake in Salesforce in the fourth quarter worth approximately $45,000. Finally, Vermillion Wealth Management Inc. boosted its stake in Salesforce by 138.9% in the first quarter. Vermillion Wealth Management Inc. now owns 172 shares of the CRM provider's stock worth $46,000 after buying an additional 100 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on CRM shares. Piper Sandler upped their target price on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 28th. Jefferies Financial Group dropped their price objective on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Cantor Fitzgerald reissued an "overweight" rating and set a $325.00 price objective on shares of Salesforce in a research note on Thursday, June 26th. Needham & Company LLC reissued a "buy" rating and set a $400.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. Finally, Royal Bank Of Canada lowered Salesforce from an "outperform" rating to a "sector perform" rating and dropped their price objective for the company from $420.00 to $275.00 in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $349.08.

Salesforce Price Performance

Shares of NYSE:CRM opened at $271.58 on Friday. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The business has a fifty day moving average price of $272.28 and a 200-day moving average price of $291.46. The company has a market capitalization of $259.63 billion, a PE ratio of 42.50, a PEG ratio of 2.47 and a beta of 1.36.

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

Salesforce Cuts Dividend

The firm 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 dividend of $0.416 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.61%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Insider Activity at Salesforce

In related news, insider Parker Harris sold 1,142 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $299,603.70. Following the sale, the insider directly owned 136,824 shares of the company's stock, valued at $35,895,776.40. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Srinivas Tallapragada sold 1,269 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $332,922.15. Following the completion of the transaction, the insider directly owned 42,678 shares in the company, valued at $11,196,573.30. The trade was a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,534 shares of company stock valued at $7,609,842 over the last three months. 3.20% of the stock is owned by 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.

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