Penobscot Investment Management Company Inc. Acquires 264 Shares of Salesforce, Inc. (NYSE:CRM)

Penobscot Investment Management Company Inc. grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 3.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,805 shares of the CRM provider’s stock after buying an additional 264 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Salesforce were worth $2,054,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bear Mountain Capital Inc. bought a new position in shares of Salesforce during the 4th quarter worth approximately $26,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Salesforce during the 4th quarter worth approximately $31,000. Pacifica Partners Inc. boosted its holdings in shares of Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after buying an additional 100 shares in the last quarter. BKM Wealth Management LLC bought a new position in shares of Salesforce in the 4th quarter worth $34,000. Finally, AlphaMark Advisors LLC lifted its holdings in shares of Salesforce by 892.9% in the 4th quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock worth $37,000 after purchasing an additional 125 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Trading Down 2.1 %

Salesforce stock traded down $5.85 during trading hours on Tuesday, reaching $269.89. The company had a trading volume of 2,255,646 shares, compared to its average volume of 5,594,459. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The company has a 50-day moving average price of $295.69 and a 200 day moving average price of $265.20. The firm has a market cap of $261.79 billion, a price-to-earnings ratio of 65.03, a P/E/G ratio of 2.11 and a beta of 1.28. Salesforce, Inc. has a 12-month low of $190.76 and a 12-month high of $318.71.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the firm posted $1.01 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts forecast that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend was Wednesday, March 13th. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CRM shares. Oppenheimer increased their target price on Salesforce from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Monday, February 12th. Canaccord Genuity Group reiterated a “buy” rating and issued a $350.00 target price on shares of Salesforce in a report on Thursday, March 7th. Mizuho reiterated a “buy” rating and issued a $345.00 target price (up from $325.00) on shares of Salesforce in a report on Thursday, February 29th. UBS Group increased their target price on Salesforce from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Finally, Wedbush increased their price target on Salesforce from $280.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Nine investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $310.61.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Srinivas Tallapragada sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $285.20, for a total value of $2,852,000.00. Following the completion of the sale, the insider now owns 60,416 shares of the company’s stock, valued at $17,230,643.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $282.95, for a total value of $4,244,250.00. Following the transaction, the chief executive officer now directly owns 13,626,166 shares in the company, valued at approximately $3,855,523,669.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Srinivas Tallapragada sold 10,000 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $285.20, for a total transaction of $2,852,000.00. Following the sale, the insider now owns 60,416 shares in the company, valued at $17,230,643.20. The disclosure for this sale can be found here. Insiders sold 610,793 shares of company stock valued at $179,197,018 in the last 90 days. Insiders own 3.70% of the company’s stock.

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.