MidWestOne Financial Group Inc. Sells 398 Shares of Salesforce, Inc. (NYSE:CRM)

MidWestOne Financial Group Inc. cut its stake in Salesforce, Inc. (NYSE:CRM) by 5.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,849 shares of the CRM provider’s stock after selling 398 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in Salesforce were worth $2,289,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CRM. Foundations Investment Advisors LLC increased its position in Salesforce by 15.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after acquiring an additional 4,752 shares during the period. Athena Investment Management bought a new position in Salesforce during the fourth quarter worth about $236,000. Highland Capital Management LLC bought a new position in Salesforce during the fourth quarter worth about $4,321,000. Jag Capital Management LLC increased its position in Salesforce by 2,507.9% during the fourth quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider’s stock worth $7,926,000 after acquiring an additional 22,797 shares during the period. Finally, Lecap Asset Management Ltd. bought a new position in Salesforce during the fourth quarter worth about $2,861,000. 80.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRM. Scotiabank lowered their price target on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Salesforce in a research report on Wednesday, March 19th. Stephens started coverage on shares of Salesforce in a research report on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price target on the stock. Robert W. Baird reduced their price objective on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Finally, Piper Sandler reduced their price objective on shares of Salesforce from $400.00 to $315.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have given a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $352.62.

Insider Transactions at Salesforce

In other news, insider Srinivas Tallapragada sold 6,697 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the transaction, the insider now owns 41,422 shares in the company, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 1,909 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $543,263.22. Following the completion of the transaction, the chief accounting officer now owns 11,310 shares in the company, valued at $3,218,599.80. This trade represents a 14.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,306 shares of company stock worth $12,841,368 over the last ninety days. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

NYSE CRM opened at $287.64 on Wednesday. The company has a market capitalization of $276.53 billion, a price-to-earnings ratio of 47.31, a PEG ratio of 2.58 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The stock has a fifty day simple moving average of $268.48 and a 200 day simple moving average of $307.02.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Thursday, April 10th. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is 26.10%.

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.