Independence Bank of Kentucky Boosts Stock Position in Salesforce, Inc. (NYSE:CRM)

Independence Bank of Kentucky lifted its position in shares of Salesforce, Inc. (NYSE:CRM) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,401 shares of the CRM provider’s stock after purchasing an additional 295 shares during the period. Salesforce accounts for approximately 1.1% of Independence Bank of Kentucky’s portfolio, making the stock its 19th largest position. Independence Bank of Kentucky’s holdings in Salesforce were worth $2,831,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CRM. Fairfield Bush & CO. lifted its holdings in Salesforce by 8.7% in the first quarter. Fairfield Bush & CO. now owns 4,468 shares of the CRM provider’s stock worth $949,000 after buying an additional 357 shares during the period. Roundview Capital LLC lifted its holdings in shares of Salesforce by 18.8% during the first quarter. Roundview Capital LLC now owns 24,037 shares of the CRM provider’s stock valued at $5,104,000 after purchasing an additional 3,809 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Salesforce by 42.8% during the first quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock valued at $132,000 after purchasing an additional 186 shares during the last quarter. Ergoteles LLC purchased a new position in shares of Salesforce during the first quarter valued at approximately $455,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Salesforce by 21.3% during the first quarter. Mackenzie Financial Corp now owns 860,950 shares of the CRM provider’s stock valued at $182,797,000 after purchasing an additional 151,440 shares during the last quarter. 77.52% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Price Performance

Shares of NYSE CRM opened at $218.00 on Friday. The firm has a market capitalization of $212.11 billion, a P/E ratio of 137.60, a PEG ratio of 1.66 and a beta of 1.19. Salesforce, Inc. has a one year low of $126.34 and a one year high of $238.22. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.02. The company’s fifty day moving average is $217.97 and its two-hundred day moving average is $205.66.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.22. Salesforce had a net margin of 4.77% and a return on equity of 7.67%. The company had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.53 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. Salesforce’s revenue for the quarter was up 11.4% on a year-over-year basis. Analysts forecast that Salesforce, Inc. will post 5.86 EPS for the current fiscal year.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 164 shares of the company’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $225.05, for a total value of $36,908.20. Following the sale, the chief accounting officer now directly owns 2,230 shares of the company’s stock, valued at $501,861.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Brian Millham sold 78,870 shares of the company’s stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $210.94, for a total transaction of $16,636,837.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Sundeep G. Reddy sold 164 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $225.05, for a total transaction of $36,908.20. Following the transaction, the chief accounting officer now owns 2,230 shares of the company’s stock, valued at approximately $501,861.50. The disclosure for this sale can be found here. Insiders have sold 698,191 shares of company stock valued at $152,203,804 over the last ninety days. Corporate insiders own 3.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRM. Roth Mkm lifted their target price on shares of Salesforce from $242.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, August 31st. Barclays lifted their target price on shares of Salesforce from $245.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, August 31st. Stifel Nicolaus raised their price target on shares of Salesforce from $250.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, August 31st. UBS Group raised their price target on shares of Salesforce from $220.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, August 31st. Finally, Societe Generale downgraded shares of Salesforce from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $240.59.

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 relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.