Huntington National Bank Lowers Stock Position in Salesforce, Inc. (NYSE:CRM)

Huntington National Bank cut its stake in shares of Salesforce, Inc. (NYSE:CRM) by 27.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 109,497 shares of the CRM provider’s stock after selling 42,136 shares during the period. Huntington National Bank’s holdings in Salesforce were worth $29,970,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Piscataqua Savings Bank grew its stake in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the period. Clear Investment Research LLC boosted its position in Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the period. Godsey & Gibb Inc. boosted its position in Salesforce by 300.0% during the 3rd 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 period. Strategic Investment Solutions Inc. IL purchased a new stake in Salesforce during the 2nd quarter worth $33,000. Finally, Stephens Consulting LLC lifted its holdings in Salesforce by 3,125.0% in 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 hedge funds and other institutional investors.

Salesforce Trading Up 0.2 %

Shares of NYSE:CRM opened at $341.72 on Thursday. The stock has a market capitalization of $326.68 billion, a price-to-earnings ratio of 59.43, a PEG ratio of 3.09 and a beta of 1.29. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $348.86. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50 day moving average price of $281.40 and a 200 day moving average price of $265.31.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the firm posted $1.63 earnings per share. On average, research analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

Wall Street Analyst Weigh In

A number of brokerages have commented on CRM. Needham & Company LLC reiterated a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a report on Friday, September 20th. Erste Group Bank restated a “hold” rating on shares of Salesforce in a research note on Wednesday, September 11th. JPMorgan Chase & Co. upped their target price on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. BNP Paribas upgraded shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Stifel Nicolaus upped their target price on shares of Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four 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 target price of $318.23.

Insider Buying and Selling

In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $262.97, for a total value of $1,104,474.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at approximately $30,920,275.57. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Miguel Milano sold 2,934 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $262.95, for a total value of $771,495.30. Following the completion of the sale, the insider now owns 3,716 shares in the company, valued at approximately $977,122.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,373 shares of company stock worth $41,250,680. Corporate insiders own 3.20% 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.