Kentucky Retirement Systems Insurance Trust Fund Sells 2,637 Shares of Salesforce, Inc. (NYSE:CRM)

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in Salesforce, Inc. (NYSE:CRM) by 8.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,690 shares of the CRM provider’s stock after selling 2,637 shares during the quarter. Salesforce accounts for 0.5% of Kentucky Retirement Systems Insurance Trust Fund’s holdings, making the stock its 29th largest holding. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Salesforce were worth $7,853,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Umpqua Bank raised its holdings in shares of Salesforce by 0.4% during the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock valued at $2,110,000 after buying an additional 34 shares in the last quarter. Nvwm LLC grew its position in Salesforce by 1.4% during the third quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after acquiring an additional 36 shares during the last quarter. Prentice Wealth Management LLC raised its stake 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 worth $686,000 after acquiring an additional 37 shares in the last quarter. Private Wealth Management Group LLC lifted its holdings in shares of Salesforce by 11.6% in the 3rd quarter. Private Wealth Management Group LLC now owns 357 shares of the CRM provider’s stock worth $98,000 after acquiring an additional 37 shares during the last quarter. Finally, Fulton Bank N.A. lifted its holdings 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 during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Down 1.9 %

CRM stock opened at $325.28 on Friday. The business has a 50 day moving average of $286.61 and a 200 day moving average of $266.64. The firm has a market cap of $310.96 billion, a PE ratio of 56.57, a price-to-earnings-growth ratio of 3.09 and a beta of 1.29. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $348.86. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

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, topping the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the firm earned $1.63 EPS. Salesforce’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is currently 27.83%.

Analysts Set New Price Targets

CRM has been the topic of a number of analyst reports. Bank of America lifted their target price on shares of Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a research report on Wednesday. Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Cfra set a $343.00 target price on Salesforce in a report on Thursday, October 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 price target on shares of Salesforce in a research note on Friday, September 20th. Finally, Roth Mkm reiterated a “buy” rating and issued a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $322.51.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Miguel Milano sold 2,934 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $262.95, for a total transaction of $771,495.30. Following the sale, the insider now directly owns 3,716 shares in the company, valued at approximately $977,122.20. The trade was a 44.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 144,373 shares of company stock worth $41,250,680 in the last three months. Insiders own 3.20% of the company’s stock.

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.