Montecito Bank & Trust Acquires 732 Shares of Salesforce, Inc. (NYSE:CRM)

Montecito Bank & Trust grew its holdings in Salesforce, Inc. (NYSE:CRM) by 57.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,004 shares of the CRM provider’s stock after acquiring an additional 732 shares during the period. Montecito Bank & Trust’s holdings in Salesforce were worth $604,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CRM. Marks Group Wealth Management Inc boosted its holdings in shares of Salesforce by 0.7% during the 4th quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after buying an additional 257 shares during the period. Spartan Planning & Wealth Management boosted its holdings in shares of Salesforce by 66.3% during the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after buying an additional 625 shares during the period. Roman Butler Fullerton & Co. raised its stake in Salesforce by 1.4% during the 4th quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock valued at $2,206,000 after purchasing an additional 105 shares during the last quarter. Parnassus Investments LLC raised its stake in Salesforce by 0.3% during the 4th quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock valued at $1,566,055,000 after purchasing an additional 18,397 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in Salesforce by 32.6% during the 4th quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock valued at $207,756,000 after purchasing an additional 194,224 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Trading Up 4.3 %

Shares of NYSE CRM opened at $241.88 on Friday. The company’s 50 day simple moving average is $263.45 and its 200 day simple moving average is $276.36. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The firm has a market capitalization of $234.38 billion, a P/E ratio of 43.50, a P/E/G ratio of 2.03 and a beta of 1.25. 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) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The business had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same period in the prior year, the business posted $1.15 earnings per share. Salesforce’s revenue was up 10.7% compared to the same quarter last year. On average, analysts predict that Salesforce, Inc. will post 7.47 EPS for the current year.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the transaction, the chief accounting officer now directly owns 5,856 shares in the company, valued at $1,599,566.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $305.86, for a total value of $4,587,900.00. Following the sale, the chief executive officer now directly owns 13,071,166 shares in the company, valued at $3,997,946,832.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now owns 5,856 shares in the company, valued at $1,599,566.40. The disclosure for this sale can be found here. Insiders have sold 575,989 shares of company stock worth $160,340,775 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CRM shares. Truist Financial reiterated a “buy” rating and set a $300.00 target price (down from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. JMP Securities reiterated a “market outperform” rating and set a $342.00 target price on shares of Salesforce in a research note on Monday, April 15th. Canaccord Genuity Group cut their target price on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. KeyCorp started coverage on shares of Salesforce in a research note on Thursday, March 21st. They issued a “sector weight” rating for the company. Finally, Morgan Stanley dropped their price objective on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $292.79.

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.