SouthState Corp Reduces Stock Position in Salesforce, Inc. (NYSE:CRM)

SouthState Corp reduced its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 0.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,738 shares of the CRM provider’s stock after selling 114 shares during the quarter. SouthState Corp’s holdings in Salesforce were worth $5,596,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Infrastructure Capital Advisors LLC bought a new stake in Salesforce during the 3rd quarter worth approximately $27,000. Arlington Trust Co LLC increased its holdings in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares during the period. Compass Financial Services Inc bought a new stake in Salesforce during the 4th quarter worth approximately $30,000. Asset Planning Inc bought a new stake in Salesforce during the 4th quarter worth approximately $31,000. Finally, Collier Financial bought a new stake in Salesforce during the 4th quarter worth approximately $32,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the sale, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. The trade was a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director G Mason Morfit sold 722,300 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the sale, the director now directly owns 3,192,009 shares in the company, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,108,793 shares of company stock valued at $383,156,227. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Up 3.0 %

Shares of CRM opened at $279.76 on Monday. The firm’s 50-day moving average price is $318.03 and its 200-day moving average price is $309.36. The firm has a market capitalization of $268.85 billion, a price-to-earnings ratio of 46.01, a PEG ratio of 2.58 and a beta of 1.35. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CRM shares. BMO Capital Markets decreased their target price on shares of Salesforce from $375.00 to $367.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Canaccord Genuity Group decreased their price target on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Barclays increased their price target on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Piper Sandler decreased their price target on shares of Salesforce from $405.00 to $400.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Finally, Loop Capital decreased their price target on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $365.62.

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.