Adirondack Trust Co. Acquires 91 Shares of Salesforce, Inc. (NYSE:CRM)

Adirondack Trust Co. lifted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 6.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,432 shares of the CRM provider’s stock after buying an additional 91 shares during the quarter. Adirondack Trust Co.’s holdings in Salesforce were worth $392,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Prentice Wealth Management LLC boosted its position in shares of Salesforce by 1.5% during the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock valued at $686,000 after purchasing an additional 37 shares in the last quarter. Fox Hill Wealth Management boosted its holdings in shares of Salesforce by 4.0% during the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after buying an additional 38 shares in the last quarter. Pinnacle Wealth Planning Services Inc. grew its position in shares of Salesforce by 0.8% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after buying an additional 38 shares during the period. Fulton Bank N.A. increased its stake in shares of Salesforce by 0.4% in the 3rd quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock worth $2,537,000 after acquiring an additional 38 shares in the last quarter. Finally, Blue Barn Wealth LLC lifted its position in Salesforce by 1.8% during the 1st quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock valued at $665,000 after acquiring an additional 39 shares during the period. 80.43% of the stock is owned by institutional investors.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total value of $1,211,364.00. Following the completion of the transaction, the insider now directly owns 118,514 shares in the company, valued at $34,181,807.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total value of $1,211,364.00. Following the sale, the insider now directly owns 118,514 shares of the company’s stock, valued at approximately $34,181,807.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $276.32, for a total value of $2,533,854.40. Following the transaction, the director now directly owns 1,363 shares of the company’s stock, valued at approximately $376,624.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 80,612 shares of company stock worth $21,283,087. 3.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Phillip Securities reaffirmed an “accumulate” rating and set a $305.00 price objective on shares of Salesforce in a research report on Friday, August 30th. Wells Fargo & Company boosted their target price on Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. Oppenheimer raised their price target on Salesforce from $280.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Morgan Stanley increased their price objective on shares of Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $310.74.

Salesforce Stock Performance

NYSE:CRM opened at $287.92 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a 50-day simple moving average of $259.72 and a two-hundred day simple moving average of $263.94. The firm has a market capitalization of $278.99 billion, a PE ratio of 51.78, a P/E/G ratio of 2.39 and a beta of 1.30. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the company posted $1.63 EPS. The firm’s revenue was up 8.5% on a year-over-year basis. Analysts forecast that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Announces Dividend

The company also recently disclosed 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 0.56%. Salesforce’s payout ratio is 28.78%.

Salesforce 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.