First County Bank CT Buys 3,878 Shares of Salesforce, Inc. (NYSE:CRM)

First County Bank CT grew its stake in Salesforce, Inc. (NYSE:CRM) by 79.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,745 shares of the CRM provider’s stock after purchasing an additional 3,878 shares during the period. Salesforce makes up about 1.3% of First County Bank CT’s portfolio, making the stock its 17th biggest position. First County Bank CT’s holdings in Salesforce were worth $2,347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Tallon Kerry Patrick bought a new stake in Salesforce in the fourth quarter worth about $236,000. Brighton Jones LLC grew its stake in shares of Salesforce by 13.7% during the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock valued at $8,582,000 after buying an additional 3,102 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of Salesforce in the fourth quarter worth approximately $104,173,000. Revolve Wealth Partners LLC lifted its stake in shares of Salesforce by 12.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock worth $611,000 after acquiring an additional 205 shares during the last quarter. Finally, Gateway Wealth Partners LLC purchased a new position in Salesforce during the 4th quarter valued at $306,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CRM. Westpark Capital reiterated a “buy” rating and issued a $320.00 target price on shares of Salesforce in a research note on Wednesday. Redburn Atlantic assumed coverage on shares of Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Canaccord Genuity Group decreased their price objective on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday. Mizuho lowered their price objective on shares of Salesforce from $425.00 to $380.00 and set an “outperform” rating for the company in a research report on Thursday, May 15th. Finally, Northland Securities dropped their target price on shares of Salesforce from $423.00 to $396.00 and set an “outperform” rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a sell rating, six have given a hold rating, thirty have issued a buy rating and five have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $342.90.

Insider Buying and Selling at Salesforce

In related news, insider Miguel Milano sold 705 shares of the company’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the completion of the transaction, the insider now owns 9,323 shares of the company’s stock, valued at approximately $2,605,219.12. This represents a 7.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total value of $1,872,521.00. Following the transaction, the chief financial officer now owns 46,750 shares in the company, valued at $14,071,750. This represents a 11.74% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,553 shares of company stock valued at $12,897,323. 3.20% of the stock is owned by company insiders.

Salesforce Stock Down 3.1%

NYSE:CRM opened at $267.36 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company’s fifty day moving average price is $267.78 and its 200-day moving average price is $305.28. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The firm has a market capitalization of $257.03 billion, a P/E ratio of 43.97, a PEG ratio of 2.58 and a beta of 1.42.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 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 7.6% compared to the same quarter last year. During the same period last year, the firm earned $2.44 EPS. As a group, equities research analysts anticipate that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were given a dividend of $0.42 per share. This is a boost from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce’s dividend payout ratio (DPR) is currently 25.98%.

Salesforce Company 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.