PNC Financial Services Group Inc. grew its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 7.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 238,067 shares of the CRM provider's stock after acquiring an additional 16,724 shares during the period. PNC Financial Services Group Inc.'s holdings in Salesforce were worth $65,161,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Prime Capital Investment Advisors LLC lifted its position in shares of Salesforce by 13.6% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider's stock valued at $15,885,000 after buying an additional 6,938 shares during the last quarter. Aljian Capital Management LLC increased its holdings in shares of Salesforce by 16.1% in the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider's stock worth $3,629,000 after purchasing an additional 1,834 shares during the period. AIA Group Ltd raised its holdings in shares of Salesforce by 8.9% in the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider's stock valued at $6,577,000 after acquiring an additional 1,962 shares in the last quarter. Harvest Portfolios Group Inc. raised its stake in Salesforce by 13.6% in the third quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider's stock valued at $24,387,000 after purchasing an additional 10,656 shares in the last quarter. Finally, XN LP lifted its holdings in shares of Salesforce by 24.2% during the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider's stock worth $119,420,000 after acquiring an additional 90,616 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.
Salesforce Stock Up 0.7 %
CRM opened at $325.70 on Thursday. The stock has a market capitalization of $311.37 billion, a P/E ratio of 56.64, a price-to-earnings-growth ratio of 2.93 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a one year low of $212.00 and a one year high of $348.86. The business's 50-day simple moving average is $291.21 and its 200-day simple moving average is $267.72.
Salesforce (NYSE:CRM - Get Free Report) last released its 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 net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to analysts' expectations of $9.22 billion. During the same quarter last year, the business earned $1.63 EPS. The business's revenue was up 8.5% on a year-over-year basis. Analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current year.
Salesforce Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. Salesforce's dividend payout ratio is presently 27.83%.
Insider Activity
In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares of the company's stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the company's stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $255,905.13. Following the completion of the sale, the chief financial officer now directly owns 52,930 shares of the company's stock, valued at $15,100,399.70. The trade was a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 136,117 shares of company stock worth $39,085,562 over the last three months. 3.20% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several brokerages have issued reports on CRM. Stifel Nicolaus upped their target price on Salesforce from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. Morgan Stanley lifted their price objective on Salesforce from $320.00 to $330.00 and gave the stock an "overweight" rating in a research report on Thursday, August 29th. Truist Financial reissued a "buy" rating and issued a $315.00 price target (up from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. Oppenheimer reiterated an "outperform" rating and issued a $330.00 price target (up from $300.00) on shares of Salesforce in a research note on Thursday, October 24th. Finally, Evercore ISI reiterated an "outperform" rating and set a $300.00 price objective on shares of Salesforce in a research note on Monday, August 26th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $326.19.
Read Our Latest Research Report on CRM
Salesforce Company Profile
(
Free Report)
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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