Pinnacle Bancorp Inc. Reduces Holdings in Salesforce Inc. (NYSE:CRM)

Pinnacle Bancorp Inc. lessened its holdings in shares of Salesforce Inc. (NYSE:CRM) by 7.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,609 shares of the CRM provider’s stock after selling 126 shares during the period. Pinnacle Bancorp Inc.’s holdings in Salesforce were worth $432,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bernard Wealth Management Corp. acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC bought a new position in Salesforce during the fourth quarter valued at about $27,000. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Salesforce in the 4th quarter worth approximately $35,000. Wood Tarver Financial Group LLC bought a new position in shares of Salesforce in the fourth quarter valued at $35,000. Finally, VSM Wealth Advisory LLC acquired a new stake in shares of Salesforce during the fourth quarter worth $45,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider R David Schmaier sold 6,959 shares of the stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the sale, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. This represents a 16.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Miguel Milano sold 405 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $262.35, for a total value of $106,251.75. Following the completion of the sale, the insider now directly owns 9,933 shares of the company’s stock, valued at approximately $2,605,922.55. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,284 shares of company stock worth $6,996,762. 3.20% of the stock is currently owned by company insiders.

Salesforce Price Performance

Shares of CRM opened at $271.43 on Wednesday. The company has a market cap of $259.49 billion, a price-to-earnings ratio of 42.48, a PEG ratio of 2.39 and a beta of 1.38. The company’s fifty day simple moving average is $269.02 and its 200 day simple moving average is $295.94. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter last year, the firm posted $2.44 EPS. The company’s quarterly revenue was up 7.6% on a year-over-year basis. On average, research analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 18th will be given a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date is Wednesday, June 18th. Salesforce’s dividend payout ratio is 25.98%.

Analysts Set New Price Targets

Several brokerages recently commented on CRM. Morgan Stanley restated an “overweight” rating and issued a $404.00 price target (up previously from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Guggenheim raised shares of Salesforce from a “sell” rating to a “neutral” rating in a research report on Monday, April 21st. Royal Bank Of Canada downgraded Salesforce from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $420.00 to $275.00 in a research note on Thursday, May 29th. Wells Fargo & Company lifted their target price on shares of Salesforce from $255.00 to $275.00 and gave the stock an “equal weight” rating in a report on Thursday, May 29th. Finally, Piper Sandler upped their price target on Salesforce from $315.00 to $335.00 and gave the stock an “overweight” rating in a report on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $349.08.

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.