SouthState Corp Buys 552 Shares of Salesforce Inc. (NYSE:CRM)

SouthState Corp increased its stake in Salesforce Inc. (NYSE:CRMFree Report) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,290 shares of the CRM provider’s stock after buying an additional 552 shares during the period. SouthState Corp’s holdings in Salesforce were worth $4,640,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Bernard Wealth Management Corp. purchased a new stake in Salesforce in the fourth quarter worth about $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce in the fourth quarter worth about $27,000. Capital A Wealth Management LLC grew its holdings in Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 90 shares during the period. CBIZ Investment Advisory Services LLC grew its holdings in Salesforce by 314.8% in the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 85 shares during the period. Finally, Abound Financial LLC purchased a new stake in Salesforce in the first quarter worth about $31,000. 80.43% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Srinivas Tallapragada sold 6,697 shares of the firm’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 owned 41,422 shares in the company, valued at approximately $12,219,490. This trade represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Marc Benioff sold 2,250 shares of the firm’s stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $259.67, for a total transaction of $584,257.50. Following the completion of the transaction, the chief executive officer owned 11,955,566 shares in the company, valued at $3,104,501,823.22. The trade was a 0.02% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,479 shares of company stock worth $12,457,591. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE:CRM opened at $240.09 on Friday. The firm has a market cap of $229.53 billion, a price-to-earnings ratio of 37.57, a price-to-earnings-growth ratio of 2.18 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average is $263.47 and its two-hundred day moving average is $279.14. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00.

Salesforce (NYSE:CRMGet Free Report) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.44 EPS. Research analysts expect that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Wednesday, June 18th. Salesforce’s dividend payout ratio is presently 25.98%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRM. Guggenheim upgraded shares of Salesforce from a “sell” rating to a “neutral” rating in a report on Monday, April 21st. Sanford C. Bernstein upped their price objective on shares of Salesforce from $243.00 to $255.00 and gave the stock an “underperform” rating in a report on Thursday, May 29th. JMP Securities reiterated a “market outperform” rating and set a $430.00 price target on shares of Salesforce in a report on Friday, July 11th. Erste Group Bank cut shares of Salesforce from a “buy” rating to a “hold” rating in a report on Thursday, June 5th. Finally, Mizuho cut their price target on shares of Salesforce from $425.00 to $380.00 and set an “outperform” rating on the stock in a report on Thursday, May 15th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average price target of $348.16.

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About Salesforce

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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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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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