FineMark National Bank & Trust Trims Holdings in Salesforce, Inc. (NYSE:CRM)

FineMark National Bank & Trust decreased its holdings in Salesforce, Inc. (NYSE:CRM) by 62.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,551 shares of the CRM provider’s stock after selling 4,223 shares during the period. FineMark National Bank & Trust’s holdings in Salesforce were worth $656,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRM. Norges Bank purchased a new stake in Salesforce in the fourth quarter worth $2,762,331,000. Capital International Investors increased its stake in shares of Salesforce by 76.4% during the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after buying an additional 5,935,973 shares during the period. Capital Research Global Investors increased its stake in shares of Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares during the period. GQG Partners LLC purchased a new position in shares of Salesforce during the first quarter valued at $910,220,000. Finally, Swedbank AB purchased a new position in shares of Salesforce during the first quarter valued at $874,748,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

NYSE CRM opened at $246.16 on Friday. The stock’s fifty day moving average is $254.78 and its two-hundred day moving average is $270.11. The firm has a market capitalization of $238.53 billion, a P/E ratio of 44.27, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.04. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 earnings per share. On average, research analysts anticipate that Salesforce, Inc. will post 7.52 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date was Tuesday, July 9th. Salesforce’s dividend payout ratio is presently 28.78%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Raymond James raised their price target on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Oppenheimer raised their price objective on Salesforce from $280.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Loop Capital raised their price objective on Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Wedbush reaffirmed an “outperform” rating and set a $315.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. Finally, Mizuho dropped their price objective on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Eight analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $304.41.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 3,528 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $250.59, for a total transaction of $884,081.52. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $29,464,622.79. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Parker Harris sold 3,528 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $250.59, for a total transaction of $884,081.52. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $29,464,622.79. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $241.74, for a total value of $3,626,100.00. Following the transaction, the chief executive officer now directly owns 12,162,457 shares in the company, valued at approximately $2,940,152,355.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,692 shares of company stock worth $21,006,957. 3.20% of the stock is currently owned by company 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.