Umpqua Bank Buys 34 Shares of Salesforce, Inc. (NYSE:CRM)

06 Nov 2024, 18:44 by Sarita Garza · The Markets Daily

Umpqua Bank lifted its stake in Salesforce, Inc. (NYSE:CRM – Free Report) by 0.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,708 shares of the CRM provider’s stock after buying an additional 34 shares during the quarter. Umpqua Bank’s holdings in Salesforce were worth $2,110,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Avidian Wealth Solutions LLC purchased a new position in Salesforce in the 1st quarter worth approximately $396,000. Csenge Advisory Group lifted its holdings in Salesforce by 11.6% in the 1st quarter. Csenge Advisory Group now owns 3,736 shares of the CRM provider’s stock worth $1,125,000 after purchasing an additional 387 shares in the last quarter. SPC Financial Inc. lifted its holdings in Salesforce by 4.5% in the 1st quarter. SPC Financial Inc. now owns 1,468 shares of the CRM provider’s stock worth $442,000 after purchasing an additional 63 shares in the last quarter. Hemington Wealth Management purchased a new position in Salesforce in the 1st quarter worth approximately $210,000. Finally, Hemenway Trust Co LLC lifted its holdings in Salesforce by 13.7% in the 1st quarter. Hemenway Trust Co LLC now owns 1,745 shares of the CRM provider’s stock worth $526,000 after purchasing an additional 210 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the topic of a number of research analyst reports. Morgan Stanley boosted their price target on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Wells Fargo & Company boosted their price objective on Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a report on Thursday, August 29th. BMO Capital Markets boosted their price objective on Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Robert W. Baird boosted their price objective on Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $313.37.

Get Our Latest Analysis on CRM

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 1,400 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $251.62, for a total transaction of $352,268.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $29,585,731.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Miguel Milano sold 2,934 shares of the firm’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 transaction, the insider now owns 3,716 shares of the company’s stock, valued at approximately $977,122.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 1,400 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $251.62, for a total transaction of $352,268.00. Following the completion of the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at $29,585,731.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,003 shares of company stock valued at $41,494,084. Insiders own 3.20% of the company’s stock.

Salesforce Trading Up 3.1 %

Shares of Salesforce stock traded up $9.10 during trading hours on Wednesday, reaching $306.59. 409,856 shares of the company’s stock were exchanged, compared to its average volume of 6,232,870. Salesforce, Inc. has a 52-week low of $208.84 and a 52-week high of $318.71. The firm has a market capitalization of $293.10 billion, a price-to-earnings ratio of 51.74, a price-to-earnings-growth ratio of 2.67 and a beta of 1.29. The company has a fifty day moving average of $274.34 and a 200-day moving average of $263.56. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.63 EPS. Sell-side analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.52%. Salesforce’s payout ratio is 27.83%.

Salesforce Profile

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