Trust Point Inc. Sells 2,148 Shares of Salesforce, Inc. (NYSE:CRM)

Trust Point Inc. decreased its position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 33.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,234 shares of the CRM provider's stock after selling 2,148 shares during the quarter. Trust Point Inc.'s holdings in Salesforce were worth $1,136,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in CRM. Norges Bank acquired a new position in shares of Salesforce in the 4th quarter valued at $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Salesforce by 926.4% during the fourth 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 acquiring an additional 3,841,521 shares in the last quarter. GAMMA Investing LLC raised its holdings in Salesforce by 30,456.9% during the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock worth $1,020,194,000 after acquiring an additional 3,789,147 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Salesforce during the fourth quarter worth about $1,173,564,000. Finally, Invesco Ltd. raised its stake in Salesforce by 42.5% in the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock valued at $2,604,770,000 after buying an additional 2,325,156 shares during the period. Institutional investors and hedge funds own 80.43% of the company's stock.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 500 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $275.00, for a total value of $137,500.00. Following the transaction, the chief accounting officer now owns 11,711 shares in the company, valued at $3,220,525. The trade was a 4.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the completion of the transaction, the insider now owns 41,422 shares in the company, valued at $12,219,490. The trade was a 13.92% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,111 shares of company stock valued at $9,299,283. Corporate insiders own 3.20% of the company's stock.

Salesforce Stock Performance

Shares of Salesforce stock opened at $258.25 on Monday. Salesforce, Inc. has a one year low of $227.77 and a one year high of $369.00. The firm has a market capitalization of $246.89 billion, a price-to-earnings ratio of 42.48, a PEG ratio of 2.58 and a beta of 1.38. The business has a 50-day simple moving average of $268.09 and a 200 day simple moving average of $299.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

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 business had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same period in the previous year, the company posted $2.44 EPS. The firm's revenue was up 7.6% compared to the same quarter last year. On average, research analysts anticipate that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRM. Scotiabank dropped their price objective on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a research note on Monday, March 17th. Citigroup decreased their target price on Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Piper Sandler increased their price target on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. The Goldman Sachs Group upped their target price on Salesforce from $340.00 to $385.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Finally, Westpark Capital restated a "buy" rating and set a $320.00 target price on shares of Salesforce in a research note on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $346.34.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.