United Bank Has $2.60 Million Stake in Salesforce Inc. (NYSE:CRM)

United Bank boosted its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 17.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,698 shares of the CRM provider's stock after purchasing an additional 1,430 shares during the period. Salesforce comprises about 0.3% of United Bank's investment portfolio, making the stock its 29th biggest position. United Bank's holdings in Salesforce were worth $2,603,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CRM. Bernard Wealth Management Corp. bought a new position in Salesforce during the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC purchased a new stake in shares of Salesforce in the fourth quarter worth about $27,000. Capital A Wealth Management LLC increased its position in shares of Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after purchasing an additional 90 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its position in Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock valued at $30,000 after acquiring an additional 85 shares during the last quarter. Finally, Abound Financial LLC bought a new stake in Salesforce during the 1st quarter valued at $31,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Trading Up 0.5%

Shares of NYSE CRM traded up $1.37 during mid-day trading on Tuesday, hitting $263.65. 1,611,997 shares of the company traded hands, compared to its average volume of 6,545,166. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $252.05 billion, a price-to-earnings ratio of 41.24, a PEG ratio of 2.38 and a beta of 1.36. The business has a 50 day moving average of $270.45 and a two-hundred day moving average of $285.85. Salesforce Inc. has a 1 year low of $230.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last issued 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 firm had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business's revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.44 earnings per share. On average, sell-side analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were paid a $0.416 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a dividend yield of 0.63%. Salesforce's dividend payout ratio is presently 25.98%.

Insider Activity at Salesforce

In other news, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction that occurred 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 sale, the insider owned 41,422 shares in the company, valued at $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R David Schmaier sold 4,586 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $253.66, for a total transaction of $1,163,284.76. Following the transaction, the insider owned 33,273 shares of the company's stock, valued at approximately $8,440,029.18. The trade was a 12.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,069 shares of company stock worth $9,698,893 in the last 90 days. Corporate insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of recent research reports. Barclays cut their price objective on Salesforce from $425.00 to $347.00 and set an "overweight" rating for the company in a research note on Thursday, May 29th. Jefferies Financial Group dropped their price target on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Stephens dropped their price target on Salesforce from $311.00 to $309.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. The Goldman Sachs Group raised their price objective on Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Finally, Sanford C. Bernstein raised their price objective on Salesforce from $243.00 to $255.00 and gave the stock an "underperform" rating in a research note on Thursday, May 29th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, Salesforce has a consensus rating of "Moderate Buy" and an average target price of $348.16.

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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