Peapack Gladstone Financial Corp Lowers Stake in Salesforce, Inc. (NYSE:CRM)

Peapack Gladstone Financial Corp decreased its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 16.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,931 shares of the CRM provider's stock after selling 3,039 shares during the quarter. Peapack Gladstone Financial Corp's holdings in Salesforce were worth $4,361,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Infrastructure Capital Advisors LLC bought a new stake in Salesforce in the 3rd quarter valued at approximately $27,000. Clear Investment Research LLC lifted its position in shares of Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider's stock worth $28,000 after purchasing an additional 98 shares in the last quarter. Godsey & Gibb Inc. boosted its holdings in Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider's stock worth $33,000 after purchasing an additional 90 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Salesforce in the 2nd quarter valued at $33,000. Finally, Stephens Consulting LLC lifted its position in Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider's stock worth $33,000 after buying an additional 125 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total value of $1,079,568.00. Following the sale, the insider now owns 117,581 shares of the company's stock, valued at $30,223,020.24. The trade was a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Brian Millham sold 60,522 shares of the company's stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 138,498 shares of company stock valued at $40,983,349. Corporate insiders own 3.20% of the company's stock.

Salesforce Trading Down 1.0 %

CRM traded down $3.72 during trading on Friday, reaching $354.31. 5,538,020 shares of the company's stock were exchanged, compared to its average volume of 6,407,457. The stock has a market capitalization of $339.07 billion, a PE ratio of 58.27, a price-to-earnings-growth ratio of 3.21 and a beta of 1.30. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The firm has a fifty day moving average price of $317.48 and a two-hundred day moving average price of $275.61. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm's revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 EPS. As a group, equities research analysts forecast that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date is Wednesday, December 18th. Salesforce's payout ratio is 26.32%.

Analyst Ratings Changes

Several research firms recently issued reports on CRM. Needham & Company LLC upped their target price on Salesforce from $345.00 to $375.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Evercore ISI reissued an "outperform" rating and issued a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Piper Sandler boosted their target price on shares of Salesforce from $325.00 to $395.00 and gave the stock an "overweight" rating in a report on Monday, December 2nd. Loop Capital upped their price target on shares of Salesforce from $340.00 to $360.00 and gave the stock a "hold" rating in a research report on Wednesday, December 4th. Finally, Sanford C. Bernstein lifted their price target on Salesforce from $234.00 to $236.00 and gave the stock an "outperform" rating in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $377.24.

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.