SVB Wealth LLC Sells 3,681 Shares of Salesforce, Inc. (NYSE:CRM)

SVB Wealth LLC lowered its stake in Salesforce, Inc. (NYSE:CRM) by 17.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,834 shares of the CRM provider’s stock after selling 3,681 shares during the quarter. SVB Wealth LLC’s holdings in Salesforce were worth $4,328,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Chicago Capital LLC lifted its stake in Salesforce by 10.0% in the 2nd quarter. Chicago Capital LLC now owns 259,356 shares of the CRM provider’s stock valued at $66,681,000 after purchasing an additional 23,578 shares during the last quarter. One Wealth Management Investment & Advisory Services LLC lifted its position in shares of Salesforce by 1.7% in the second quarter. One Wealth Management Investment & Advisory Services LLC now owns 6,860 shares of the CRM provider’s stock valued at $1,764,000 after buying an additional 114 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in shares of Salesforce by 2.7% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 48,516 shares of the CRM provider’s stock worth $12,473,000 after acquiring an additional 1,290 shares during the period. Cullen Frost Bankers Inc. increased its holdings in shares of Salesforce by 22.7% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 81,561 shares of the CRM provider’s stock worth $20,969,000 after acquiring an additional 15,075 shares during the last quarter. Finally, Lake Street Advisors Group LLC raised its stake in Salesforce by 2.6% in the 2nd quarter. Lake Street Advisors Group LLC now owns 11,485 shares of the CRM provider’s stock valued at $2,953,000 after acquiring an additional 296 shares during the period. 80.43% of the stock is owned by institutional investors.

Salesforce Trading Down 0.9 %

Shares of Salesforce stock opened at $243.97 on Friday. The firm has a market capitalization of $236.41 billion, a PE ratio of 43.88, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $254.52 and its 200 day moving average is $269.68. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the business earned $1.63 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. Equities research analysts forecast that Salesforce, Inc. will post 7.52 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date is Wednesday, September 18th. Salesforce’s payout ratio is 28.78%.

Insider Transactions at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,692 shares of company stock worth $21,006,957. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

CRM has been the topic of several research reports. Piper Sandler upped their price objective on shares of Salesforce from $250.00 to $268.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Roth Mkm reissued a “buy” rating and issued a $335.00 price target on shares of Salesforce in a report on Thursday, August 29th. Stifel Nicolaus raised their price objective on shares of Salesforce from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. BNP Paribas raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Truist Financial reissued a “buy” rating and set a $300.00 price target on shares of Salesforce in a report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $304.41.

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.