Investment Management Corp of Ontario Grows Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Investment Management Corp of Ontario raised its stake in shares of Salesforce, Inc. (NYSE:CRM) by 30.5% during the third quarter, HoldingsChannel reports. The firm owned 45,348 shares of the CRM provider’s stock after purchasing an additional 10,600 shares during the quarter. Investment Management Corp of Ontario’s holdings in Salesforce were worth $12,412,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CRM. Fisher Asset Management LLC grew its holdings in Salesforce by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock worth $3,360,215,000 after acquiring an additional 314,530 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Salesforce by 2.2% during the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after acquiring an additional 176,641 shares during the period. Massachusetts Financial Services Co. MA grew its position in Salesforce by 1.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock valued at $1,632,599,000 after acquiring an additional 57,825 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Salesforce by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,912,854 shares of the CRM provider’s stock worth $1,618,407,000 after purchasing an additional 96,381 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of Salesforce by 25.1% during the second quarter. Ameriprise Financial Inc. now owns 4,378,826 shares of the CRM provider’s stock valued at $1,125,331,000 after purchasing an additional 877,495 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Price Performance

NYSE CRM opened at $331.01 on Tuesday. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $348.86. The stock has a market cap of $316.45 billion, a price-to-earnings ratio of 57.53, a PEG ratio of 2.99 and a beta of 1.30. The company’s 50 day moving average is $302.12 and its two-hundred day moving average is $270.49. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is currently 27.83%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CRM shares. Sanford C. Bernstein increased their target price on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Wedbush boosted their price target on Salesforce from $325.00 to $375.00 and gave the company an “outperform” rating in a research note on Monday, November 25th. Northland Securities raised Salesforce from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Wells Fargo & Company lifted their target price on shares of Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 12th. Finally, TD Cowen boosted their price target on shares of Salesforce from $290.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, November 21st. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $345.31.

Insider Buying and Selling

In other Salesforce news, insider Sabastian Niles sold 2,484 shares of Salesforce stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the sale, the insider now owns 828 shares of the company’s stock, valued at approximately $202,702.68. The trade was a 75.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Miguel Milano sold 719 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the sale, the insider now owns 4,659 shares in the company, valued at approximately $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 140,982 shares of company stock worth $41,591,457 in the last 90 days. 3.20% of the stock is owned by company insiders.

Salesforce Company 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.