Kentucky Retirement Systems Sells 323 Shares of Salesforce, Inc. (NYSE:CRM)

Kentucky Retirement Systems lessened its holdings in Salesforce, Inc. (NYSE:CRM) by 0.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,190 shares of the CRM provider’s stock after selling 323 shares during the period. Salesforce comprises 0.5% of Kentucky Retirement Systems’ holdings, making the stock its 28th biggest holding. Kentucky Retirement Systems’ holdings in Salesforce were worth $18,817,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Ruedi Wealth Management Inc. increased its position in Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares in the last quarter. Piscataqua Savings Bank increased its holdings in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares in the last quarter. Clear Investment Research LLC increased its holdings in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares in the last quarter. Red Tortoise LLC bought a new position in shares of Salesforce in the 1st quarter valued at $33,000. Finally, Stephens Consulting LLC grew its position in Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total transaction of $1,079,568.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at approximately $30,223,020.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, COO Brian Millham sold 4,056 shares of Salesforce stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $261.50, for a total transaction of $1,060,644.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total transaction of $1,079,568.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,223,020.24. The disclosure for this sale can be found here. Insiders have sold 66,576 shares of company stock worth $16,957,573 in the last quarter. Insiders own 3.20% of the company’s stock.

Salesforce Trading Down 1.1 %

Shares of Salesforce stock opened at $252.42 on Thursday. The stock has a market capitalization of $244.59 billion, a PE ratio of 45.40, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The stock has a 50 day moving average price of $253.60 and a two-hundred day moving average price of $267.01. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 15.44% and a return on equity of 12.01%. Salesforce’s revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.63 EPS. As a group, equities analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Wednesday, September 18th. Salesforce’s payout ratio is presently 28.78%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CRM. TD Cowen lifted their price target on Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. DA Davidson lifted their target price on shares of Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Piper Sandler boosted their target price on shares of Salesforce from $250.00 to $268.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Raymond James raised their price target on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Loop Capital boosted their price objective on shares of Salesforce from $240.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $305.55.

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.