Grove Bank & Trust Has $792,000 Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Grove Bank & Trust reduced its stake in Salesforce, Inc. (NYSE:CRM - Free Report) by 78.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,893 shares of the CRM provider's stock after selling 10,423 shares during the quarter. Grove Bank & Trust's holdings in Salesforce were worth $792,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Chicago Partners Investment Group LLC increased its position in Salesforce by 1.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider's stock worth $1,983,000 after purchasing an additional 95 shares during the period. XN LP lifted its holdings in Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider's stock valued at $119,420,000 after acquiring an additional 90,616 shares during the period. Atomi Financial Group Inc. boosted its position in shares of Salesforce by 27.5% during the 3rd quarter. Atomi Financial Group Inc. now owns 11,999 shares of the CRM provider's stock worth $3,284,000 after purchasing an additional 2,589 shares in the last quarter. M&G Plc purchased a new position in shares of Salesforce in the 1st quarter valued at about $2,178,000. Finally, First Foundation Advisors boosted its holdings in Salesforce by 38.0% during the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider's stock worth $249,000 after buying an additional 228 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRM. Truist Financial reiterated a "buy" rating and set a $315.00 price target (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Erste Group Bank restated a "hold" rating on shares of Salesforce in a research report on Wednesday, September 11th. Northland Capmk upgraded shares of Salesforce from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 2nd. FBN Securities upgraded shares of Salesforce to a "strong-buy" rating in a report on Thursday, August 29th. Finally, Citigroup upped their price target on shares of Salesforce from $260.00 to $290.00 and gave the company a "neutral" rating in a report on Monday, August 26th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $310.74.

Salesforce Stock Up 1.2 %

Salesforce stock traded up $3.54 during midday trading on Monday, hitting $291.64. 3,640,428 shares of the stock were exchanged, compared to its average volume of 6,476,868. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50 day moving average price of $261.93 and a two-hundred day moving average price of $263.61. The firm has a market cap of $282.60 billion, a P/E ratio of 51.95, a P/E/G ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion for the quarter, compared to analysts' expectations of $9.22 billion. During the same quarter in the previous year, the firm posted $1.63 earnings per share. The company's revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce's payout ratio is currently 28.78%.

Insider Activity

In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $254.90, for a total transaction of $1,070,580.00. Following the transaction, the insider now directly owns 116,693 shares of the company's stock, valued at $29,745,045.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the company's stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $254.90, for a total value of $1,070,580.00. Following the transaction, the insider now owns 116,693 shares of the company's stock, valued at approximately $29,745,045.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the firm's stock in a transaction on 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 directly owns 6,431 shares of the company's stock, valued at approximately $1,644,921.18. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 80,612 shares of company stock worth $21,283,087. 3.20% of the stock is currently owned by corporate insiders.

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.