Wesbanco Bank Inc. Buys 7,467 Shares of Salesforce, Inc. (NYSE:CRM)

Wesbanco Bank Inc. grew its stake in Salesforce, Inc. (NYSE:CRM - Free Report) by 7.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 103,877 shares of the CRM provider's stock after acquiring an additional 7,467 shares during the quarter. Salesforce accounts for 1.0% of Wesbanco Bank Inc.'s portfolio, making the stock its 19th biggest holding. Wesbanco Bank Inc.'s holdings in Salesforce were worth $27,876,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the stock. Bernard Wealth Management Corp. purchased a new position in Salesforce in the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC bought a new stake in shares of Salesforce in the 4th quarter worth $27,000. Arlington Trust Co LLC raised its stake in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after purchasing an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new position in shares of Salesforce during the fourth quarter valued at $30,000. Finally, Asset Planning Inc bought a new position in shares of Salesforce during the fourth quarter valued at $31,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Price Performance

Shares of CRM stock opened at $274.48 on Monday. The firm has a market capitalization of $262.40 billion, a P/E ratio of 45.14, a P/E/G ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 52-week low of $227.77 and a 52-week high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a 50 day moving average price of $266.57 and a 200 day moving average price of $302.19.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings data 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. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same period last year, the company posted $2.44 earnings per share. Salesforce's revenue was up 7.6% compared to the same quarter last year. As a group, sell-side analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be paid a $0.416 dividend. 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 is presently 25.98%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRM. Piper Sandler boosted their target price on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. Northland Securities reduced their price target on shares of Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. The Goldman Sachs Group increased their price objective on shares of Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Redburn Atlantic started coverage on shares of Salesforce in a research report on Wednesday, February 19th. They issued a "buy" rating for the company. Finally, Bank of America decreased their target price on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has an average rating of "Moderate Buy" and a consensus target price of $346.34.

Insider Buying and Selling

In other news, insider Miguel Milano sold 705 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the sale, the insider now directly owns 9,323 shares of the company's stock, valued at approximately $2,605,219.12. The trade was a 7.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 completion of the transaction, the insider now owns 33,273 shares of the company's stock, valued at approximately $8,440,029.18. The trade was a 12.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,332 shares of company stock valued at $11,024,802. 3.20% of the stock is owned by company insiders.

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.

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