Huntington National Bank Acquires 84,064 Shares of Salesforce, Inc. (NYSE:CRM)

Huntington National Bank lifted its position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 76.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 193,561 shares of the CRM provider's stock after acquiring an additional 84,064 shares during the period. Huntington National Bank's holdings in Salesforce were worth $64,713,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Arlington Trust Co LLC boosted its stake in Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock valued at $29,000 after buying an additional 40 shares in the last quarter. Compass Financial Services Inc bought a new position in shares of Salesforce in the fourth quarter worth about $30,000. Asset Planning Inc bought a new stake in shares of Salesforce during the 4th quarter valued at approximately $31,000. Collier Financial acquired a new position in Salesforce during the 4th quarter worth approximately $32,000. Finally, Halbert Hargrove Global Advisors LLC bought a new position in Salesforce in the 4th quarter valued at approximately $35,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CRM shares. Stifel Nicolaus lowered their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Oppenheimer dropped their price objective on shares of Salesforce from $415.00 to $380.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and set a $400.00 target price on shares of Salesforce in a research report on Thursday, February 27th. Truist Financial restated a "buy" rating and issued a $400.00 price target (up from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Finally, Piper Sandler reiterated an "overweight" rating on shares of Salesforce in a report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $361.42.

Remove Ads

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 436 shares of the firm's stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Brian Millham sold 3,937 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $1,120,391.46. Following the sale, the chief executive officer now owns 5,518 shares in the company, valued at $1,570,312.44. The trade was a 41.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,660 shares of company stock valued at $14,095,336. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

CRM traded up $1.86 during midday trading on Wednesday, reaching $272.06. The company had a trading volume of 5,381,593 shares, compared to its average volume of 6,656,096. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The business has a 50-day moving average price of $305.91 and a two-hundred day moving average price of $311.50. The stock has a market cap of $261.45 billion, a PE ratio of 44.75, a P/E/G ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be paid a $0.42 dividend. The ex-dividend date is Thursday, April 10th. This is a positive change from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 0.62%. Salesforce's payout ratio is presently 26.10%.

Salesforce 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.