Rockland Trust Co. Lowers Position in Salesforce Inc. $CRM

Rockland Trust Co. cut its stake in shares of Salesforce Inc. (NYSE:CRM) by 43.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,600 shares of the CRM provider’s stock after selling 4,268 shares during the period. Rockland Trust Co.’s holdings in Salesforce were worth $877,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Salesforce by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 89,843,166 shares of the CRM provider’s stock worth $23,800,353,000 after purchasing an additional 270,913 shares during the last quarter. State Street Corp increased its stake in Salesforce by 1.3% in the 4th quarter. State Street Corp now owns 50,080,230 shares of the CRM provider’s stock valued at $13,286,909,000 after buying an additional 659,573 shares during the last quarter. J. Stern & Co. LLP lifted its position in shares of Salesforce by 24,056.7% during the 4th quarter. J. Stern & Co. LLP now owns 47,385,511 shares of the CRM provider’s stock worth $12,552,896,000 after buying an additional 47,189,352 shares in the last quarter. Capital International Investors lifted its position in shares of Salesforce by 13.3% during the 4th quarter. Capital International Investors now owns 22,721,010 shares of the CRM provider’s stock worth $6,019,199,000 after buying an additional 2,669,891 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Salesforce by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 21,782,556 shares of the CRM provider’s stock worth $5,751,073,000 after buying an additional 791,345 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRM has been the subject of several recent analyst reports. Susquehanna assumed coverage on Salesforce in a report on Wednesday, July 1st. They issued a “neutral” rating for the company. Guggenheim raised Salesforce from a “neutral” rating to a “buy” rating and set a $228.00 price objective on the stock in a research report on Wednesday, July 1st. Macquarie Infrastructure cut their price objective on Salesforce from $200.00 to $190.00 and set a “neutral” rating on the stock in a research report on Thursday, May 28th. Canaccord Genuity Group restated a “buy” rating and issued a $225.00 price objective on shares of Salesforce in a research note on Tuesday, June 16th. Finally, B. Riley Financial lifted their target price on Salesforce from $205.00 to $240.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, sixteen have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $249.51.

Salesforce Price Performance

Salesforce stock opened at $192.48 on Friday. Salesforce Inc. has a 12 month low of $146.32 and a 12 month high of $269.11. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.15. The business’s 50 day simple moving average is $171.23 and its 200 day simple moving average is $183.26. The company has a market cap of $157.64 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 1.04 and a beta of 1.16.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, May 27th. The CRM provider reported $3.88 earnings per share for the quarter, beating the consensus estimate of $3.13 by $0.75. The business had revenue of $11.13 billion during the quarter, compared to analyst estimates of $11.05 billion. Salesforce had a return on equity of 18.72% and a net margin of 18.73%.Salesforce’s revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.58 earnings per share. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. Sell-side analysts forecast that Salesforce Inc. will post 10.27 EPS for the current year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Thursday, June 11th were issued a $0.44 dividend. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 0.9%. Salesforce’s dividend payout ratio (DPR) is 20.37%.

About Salesforce

Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.

Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.