US Bancorp DE Has $113.70 Million Stock Holdings in Salesforce Inc. (NYSE:CRM)

Key Points

• US Bancorp DE reduced its holdings in Salesforce Inc. by 11.6% in the first quarter, selling 55,587 shares, leaving them with 423,685 shares worth approximately $113.7 million.
• Salesforce reported earnings of $2.58 per share for the last quarter, surpassing analyst expectations and showing a year-over-year revenue increase of 7.6%.
• Insider transactions included notable sales by CEO Marc Benioff and other executives, with a total of 39,729 shares sold in the past 90 days, indicating potential shifts in insider sentiment.

US Bancorp DE lowered its position in Salesforce Inc. (NYSE:CRM - Free Report) by 11.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 423,685 shares of the CRM provider's stock after selling 55,587 shares during the period. US Bancorp DE's holdings in Salesforce were worth $113,700,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. acquired a new position in shares of Salesforce during the fourth quarter worth about $25,000. Accredited Wealth Management LLC acquired a new position in shares of Salesforce during the fourth quarter worth about $27,000. Capital A Wealth Management LLC grew its position in shares of Salesforce by 450.0% during the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after buying an additional 90 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its position in shares of Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after buying an additional 85 shares in the last quarter. Finally, Abound Financial LLC acquired a new position in shares of Salesforce during the first quarter worth about $31,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $400.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Sanford C. Bernstein boosted their price objective on Salesforce from $243.00 to $255.00 and gave the company an "underperform" rating in a research note on Thursday, May 29th. Piper Sandler boosted their price objective on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research note on Wednesday, May 28th. Canaccord Genuity Group reduced their price objective on Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Finally, Northland Securities reduced their price objective on Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $348.16.

Salesforce Trading Down 2.9%

NYSE CRM traded down $7.48 on Friday, hitting $250.85. 7,643,247 shares of the company were exchanged, compared to its average volume of 5,567,701. The company's 50 day moving average price is $266.04 and its 200-day moving average price is $282.19. 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 firm has a market capitalization of $239.81 billion, a P/E ratio of 39.26, a price-to-earnings-growth ratio of 2.28 and a beta of 1.37. Salesforce Inc. has a twelve month low of $230.00 and a twelve month high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS 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 business had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same quarter in the previous year, the business posted $2.44 EPS. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. Analysts predict that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were given a $0.416 dividend. This represents a $1.66 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's dividend payout ratio is currently 25.98%.

Insider Buying and Selling at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $265.77, for a total value of $597,982.50. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at $3,165,738,224.67. This trade represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 39,729 shares of company stock valued at $10,763,881 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Company 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.