Suncoast Equity Management lessened its stake in Salesforce, Inc. (NYSE:CRM – Free Report) by 1.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 130,376 shares of the CRM provider’s stock after selling 1,447 shares during the quarter. Salesforce accounts for about 4.9% of Suncoast Equity Management’s portfolio, making the stock its 11th largest holding. Suncoast Equity Management’s holdings in Salesforce were worth $43,589,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in CRM. Foundations Investment Advisors LLC lifted its position in shares of Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after buying an additional 4,752 shares in the last quarter. Nabity Jensen Investment Management Inc acquired a new stake in shares of Salesforce in the third quarter valued at about $1,215,000. Prime Capital Investment Advisors LLC increased its stake in shares of Salesforce by 13.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after purchasing an additional 6,938 shares in the last quarter. Aljian Capital Management LLC increased its stake in shares of Salesforce by 16.1% during the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after purchasing an additional 1,834 shares in the last quarter. Finally, AIA Group Ltd raised its position in shares of Salesforce by 8.9% during the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after purchasing an additional 1,962 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.
Salesforce Stock Performance
Shares of CRM opened at $318.76 on Friday. 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, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The stock has a 50 day moving average price of $334.23 and a 200 day moving average price of $304.76. The company has a market capitalization of $305.06 billion, a price-to-earnings ratio of 52.43, a price-to-earnings-growth ratio of 2.64 and a beta of 1.31.
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 was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.50%. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.
Insider Buying and Selling
In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $328.18, for a total transaction 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 approximately $15,342,415. This trade represents a 11.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 500 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $167,970.00. Following the completion of the sale, the chief accounting officer now directly owns 6,557 shares of the company’s stock, valued at $2,202,758.58. The trade was a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have 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.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on CRM shares. Piper Sandler reiterated an “overweight” rating and set a $405.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. Wedbush reissued an “outperform” rating and issued a $425.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. The Goldman Sachs Group raised their price objective on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Redburn Atlantic started coverage on shares of Salesforce in a research report on Wednesday. They issued a “buy” rating for the company. Finally, TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and boosted their price target for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-two have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $376.84.
Check Out Our Latest Report on Salesforce
About Salesforce
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.
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