First Interstate Bank Has $4.25 Million Holdings in Salesforce Inc. (NYSE:CRM)

First Interstate Bank cut its position in Salesforce Inc. (NYSE:CRM) by 3.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,837 shares of the CRM provider’s stock after selling 515 shares during the period. First Interstate Bank’s holdings in Salesforce were worth $4,250,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Millstone Evans Group LLC bought a new position in shares of Salesforce in the fourth quarter worth about $823,000. Heartland Bank & Trust Co raised its stake in shares of Salesforce by 117.2% during the first quarter. Heartland Bank & Trust Co now owns 5,981 shares of the CRM provider’s stock worth $1,605,000 after buying an additional 3,227 shares during the last quarter. Catalyst Funds Management Pty Ltd bought a new stake in shares of Salesforce during the fourth quarter worth approximately $5,249,000. Elwood Capital Partners LP bought a new stake in shares of Salesforce during the fourth quarter worth approximately $1,337,000. Finally, Bestgate Wealth Advisors LLC bought a new stake in shares of Salesforce during the fourth quarter worth approximately $441,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Salesforce news, insider Miguel Milano sold 405 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $262.35, for a total transaction of $106,251.75. Following the sale, the insider directly owned 9,933 shares in the company, valued at $2,605,922.55. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 261 shares of the stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $262.35, for a total transaction of $68,473.35. Following the sale, the chief accounting officer owned 12,024 shares in the company, valued at $3,154,496.40. The trade was a 2.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,034 shares of company stock valued at $8,833,235. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

NYSE:CRM traded down $0.06 during mid-day trading on Wednesday, reaching $273.59. 635,005 shares of the company’s stock were exchanged, compared to its average volume of 6,520,568. Salesforce Inc. has a one year low of $230.00 and a one year high of $369.00. The firm has a market capitalization of $261.55 billion, a PE ratio of 42.85, a price-to-earnings-growth ratio of 2.45 and a beta of 1.36. The business’s fifty day simple moving average is $272.48 and its two-hundred day simple moving average is $290.51. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same period last year, the firm earned $2.44 earnings per share. Salesforce’s revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Cuts Dividend

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

Analysts Set New Price Targets

A number of research firms recently weighed in on CRM. Erste Group Bank downgraded shares of Salesforce from a “buy” rating to a “hold” rating in a research note on Thursday, June 5th. Piper Sandler upped their target price on shares of Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research note on Wednesday, May 28th. Macquarie reiterated a “neutral” rating and issued a $320.00 price target on shares of Salesforce in a report on Thursday, March 20th. Barclays reduced their price target on shares of Salesforce from $425.00 to $347.00 and set an “overweight” rating for the company in a report on Thursday, May 29th. Finally, Canaccord Genuity Group reduced their price target on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating for the company 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $349.08.

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.