Pinnacle Financial Partners Inc Acquires 702 Shares of Salesforce, Inc. (NYSE:CRM)

Pinnacle Financial Partners Inc grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 0.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 156,110 shares of the CRM provider’s stock after buying an additional 702 shares during the period. Salesforce makes up 1.0% of Pinnacle Financial Partners Inc’s investment portfolio, making the stock its 21st largest holding. Pinnacle Financial Partners Inc’s holdings in Salesforce were worth $48,142,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRM. Veritas Asset Management LLP bought a new position in shares of Salesforce in the 3rd quarter worth $733,805,000. Jennison Associates LLC lifted its holdings in shares of Salesforce by 52.7% in the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock worth $1,482,347,000 after purchasing an additional 1,530,572 shares in the last quarter. Swedbank AB lifted its holdings in shares of Salesforce by 46.7% in the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock worth $1,280,408,000 after purchasing an additional 1,219,254 shares in the last quarter. KBC Group NV lifted its holdings in shares of Salesforce by 171.2% in the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after purchasing an additional 1,032,068 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Salesforce by 23,664.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock worth $274,490,000 after purchasing an additional 998,628 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Down 2.8 %

Shares of NYSE CRM opened at $309.54 on Friday. The business has a 50-day simple moving average of $333.34 and a two-hundred day simple moving average of $305.25. The company has a market cap of $296.23 billion, a P/E ratio of 50.91, a P/E/G ratio of 2.63 and a beta of 1.31. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last released its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.62 EPS. Research analysts anticipate that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.52%. Salesforce’s payout ratio is 26.32%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CRM shares. Wells Fargo & Company increased their target price on Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 12th. UBS Group increased their price target on Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Royal Bank of Canada increased their price target on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler reissued an “overweight” rating and issued a $405.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Finally, BMO Capital Markets lowered their price target on Salesforce from $425.00 to $375.00 and set an “outperform” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-two have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $375.53.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total value of $2,041,607.78. Following the transaction, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at $15,342,415. The trade was a 11.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the completion of the transaction, the insider now directly owns 4,659 shares in the company, valued at $1,597,151.79. This trade represents a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,102,833 shares of company stock worth $381,389,136 in the last quarter. 3.20% of the stock is owned by insiders.

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.