Argent Trust Co Purchases 1,189 Shares of Salesforce, Inc. (NYSE:CRM)

Argent Trust Co raised its position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 5.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 21,525 shares of the CRM provider's stock after purchasing an additional 1,189 shares during the quarter. Argent Trust Co's holdings in Salesforce were worth $7,196,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Legacy Financial Advisors Inc. boosted its position in Salesforce by 3.0% during the fourth quarter. Legacy Financial Advisors Inc. now owns 6,555 shares of the CRM provider's stock valued at $2,192,000 after acquiring an additional 188 shares during the last quarter. Redwood Park Advisors LLC acquired a new stake in Salesforce during the fourth quarter worth approximately $169,000. Bank of Hawaii increased its holdings in Salesforce by 5.2% in the fourth quarter. Bank of Hawaii now owns 4,397 shares of the CRM provider's stock worth $1,470,000 after purchasing an additional 218 shares in the last quarter. Scotia Capital Inc. lifted its stake in Salesforce by 12.5% in the fourth quarter. Scotia Capital Inc. now owns 166,795 shares of the CRM provider's stock valued at $55,768,000 after buying an additional 18,525 shares during the period. Finally, Phoenix Financial Ltd. boosted its holdings in shares of Salesforce by 39.5% during the 4th quarter. Phoenix Financial Ltd. now owns 37,174 shares of the CRM provider's stock worth $12,435,000 after buying an additional 10,520 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Insiders Place Their Bets

In other news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the completion of the sale, the chief financial officer now owns 45,861 shares in the company, valued at approximately $15,128,626.68. This trade represents a 11.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Oscar Munoz acquired 3,882 shares of the firm's stock in a transaction that occurred on Thursday, April 3rd. The stock was bought at an average price of $257.28 per share, for a total transaction of $998,760.96. Following the completion of the transaction, the director now owns 11,843 shares of the company's stock, valued at $3,046,967.04. The trade was a 48.76 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 45,660 shares of company stock worth $14,095,336 in the last three months. 3.20% of the stock is currently owned by corporate insiders.

Remove Ads

Salesforce Price Performance

CRM stock traded down $1.45 during mid-day trading on Monday, reaching $253.55. 2,626,796 shares of the company traded hands, compared to its average volume of 6,807,702. The company has a fifty day moving average price of $289.29 and a 200-day moving average price of $310.70. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a market capitalization of $243.66 billion, a P/E ratio of 41.70, a P/E/G ratio of 2.58 and a beta of 1.38. 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date is Thursday, April 10th. This is a positive change from Salesforce's previous quarterly dividend of $0.40. Salesforce's dividend payout ratio is 26.10%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CRM shares. Stephens initiated coverage on shares of Salesforce in a research note on Wednesday, March 19th. They issued an "equal weight" rating and a $311.00 price objective for the company. Oppenheimer dropped their price objective on shares of Salesforce from $415.00 to $380.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Piper Sandler restated an "overweight" rating on shares of Salesforce in a research note on Wednesday, March 19th. Wedbush reaffirmed an "outperform" rating and set a $425.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. Finally, Scotiabank reduced their price objective on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $361.42.

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.