Salesforce, Inc. (NYSE:CRM) Stake Lowered by Magellan Asset Management Ltd

Magellan Asset Management Ltd trimmed its stake in shares of Salesforce, Inc. (NYSE:CRM) by 16.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 89,885 shares of the CRM provider’s stock after selling 17,624 shares during the quarter. Magellan Asset Management Ltd’s holdings in Salesforce were worth $30,051,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Arlington Trust Co LLC lifted its stake in Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after buying an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new stake in Salesforce in the 4th quarter valued at about $30,000. Asset Planning Inc bought a new position in Salesforce in the 4th quarter worth about $31,000. Collier Financial bought a new position in Salesforce in the 4th quarter worth about $32,000. Finally, Halbert Hargrove Global Advisors LLC bought a new stake in shares of Salesforce during the fourth quarter valued at approximately $35,000. Institutional investors own 80.43% of the company’s stock.

Insiders Place Their Bets

In related news, insider R David Schmaier sold 1,785 shares of the company’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $288.34, for a total value of $514,686.90. Following the completion of the sale, the insider now directly owns 29,190 shares in the company, valued at approximately $8,416,644.60. This represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total value of $1,725,518.77. Following the transaction, the chief financial officer now owns 46,750 shares in the company, valued at approximately $12,967,047.50. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,660 shares of company stock valued at $14,095,336 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of CRM stock opened at $272.06 on Thursday. The firm has a market cap of $261.45 billion, a P/E ratio of 44.75, a PEG ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The stock’s 50-day moving average is $305.91 and its two-hundred day moving average is $311.50.

Salesforce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This is a boost from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 0.62%. Salesforce’s payout ratio is 26.10%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Redburn Atlantic started coverage on Salesforce in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. Scotiabank reduced their price objective on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a report on Monday, March 17th. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and raised their target price for the company from $380.00 to $400.00 in a research note on Friday, January 17th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Salesforce in a research note on Wednesday, March 19th. Finally, Citigroup reiterated a “buy” rating on shares of Salesforce in a research note on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $361.42.

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.