Pennington Partners & CO. LLC Takes $407,000 Position in Salesforce, Inc. (NYSE:CRM)

Pennington Partners & CO. LLC purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,215 shares of the CRM provider's stock, valued at approximately $407,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Anchor Investment Management LLC increased its stake in shares of Salesforce by 15.7% during the third quarter. Anchor Investment Management LLC now owns 4,290 shares of the CRM provider's stock valued at $1,174,000 after acquiring an additional 581 shares during the period. Pine Valley Investments Ltd Liability Co increased its position in shares of Salesforce by 14.0% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 7,047 shares of the CRM provider's stock valued at $1,930,000 after purchasing an additional 866 shares during the period. Arvest Bank Trust Division bought a new stake in shares of Salesforce in the 3rd quarter worth $380,000. Old Port Advisors lifted its holdings in shares of Salesforce by 10.9% in the fourth quarter. Old Port Advisors now owns 868 shares of the CRM provider's stock valued at $290,000 after buying an additional 85 shares during the period. Finally, Versant Capital Management Inc raised its position in Salesforce by 42.3% in the fourth quarter. Versant Capital Management Inc now owns 1,483 shares of the CRM provider's stock worth $496,000 after acquiring an additional 441 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Salesforce

In other news, insider R David Schmaier sold 6,959 shares of the business's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the sale, the insider now owns 36,090 shares in the company, valued at approximately $9,141,957.90. The trade was a 16.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 500 shares of Salesforce 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 transaction, the chief accounting officer now directly owns 6,557 shares of the company's stock, valued at $2,202,758.58. This represents a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,051 shares of company stock valued at $15,027,714. Corporate insiders own 3.20% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CRM shares. Redburn Atlantic assumed coverage on shares of Salesforce in a research note on Wednesday, February 19th. They issued a "buy" rating on the stock. Westpark Capital reiterated a "buy" rating and issued a $320.00 target price on shares of Salesforce in a report on Wednesday. Loop Capital lowered their price objective on shares of Salesforce from $330.00 to $300.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Wells Fargo & Company decreased their target price on Salesforce from $310.00 to $255.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Finally, Oppenheimer dropped their target price on Salesforce from $415.00 to $380.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have assigned a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $350.56.

Salesforce Stock Performance

Shares of CRM stock traded up $5.88 during mid-day trading on Friday, reaching $275.21. The stock had a trading volume of 4,323,233 shares, compared to its average volume of 6,831,297. The firm has a market cap of $264.58 billion, a PE ratio of 45.26, a P/E/G ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The firm's 50 day simple moving average is $269.34 and its 200 day simple moving average is $307.70. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were given a dividend of $0.42 per share. This is a positive change from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 0.61%. The ex-dividend date was Thursday, April 10th. Salesforce's payout ratio is 26.10%.

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.