Atalanta Sosnoff Capital LLC Acquires New Shares in Salesforce, Inc. (NYSE:CRM)

Atalanta Sosnoff Capital LLC acquired a new stake in Salesforce, Inc. (NYSE:CRM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 183,947 shares of the CRM provider's stock, valued at approximately $61,499,000. Salesforce accounts for about 1.3% of Atalanta Sosnoff Capital LLC's portfolio, making the stock its 29th largest position.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Old Port Advisors boosted its holdings in shares of Salesforce by 10.9% in the 4th quarter. Old Port Advisors now owns 868 shares of the CRM provider's stock valued at $290,000 after purchasing an additional 85 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Salesforce by 42.3% in the fourth quarter. Versant Capital Management Inc now owns 1,483 shares of the CRM provider's stock valued at $496,000 after buying an additional 441 shares during the period. GAMMA Investing LLC increased its holdings in Salesforce by 20.5% in the fourth quarter. GAMMA Investing LLC now owns 12,441 shares of the CRM provider's stock valued at $4,159,000 after purchasing an additional 2,113 shares during the period. Modus Advisors LLC raised its position in Salesforce by 0.4% during the 4th quarter. Modus Advisors LLC now owns 14,406 shares of the CRM provider's stock worth $4,817,000 after purchasing an additional 59 shares during the last quarter. Finally, Central Pacific Bank Trust Division lifted its holdings in Salesforce by 85.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 15,659 shares of the CRM provider's stock worth $5,235,000 after buying an additional 7,225 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRM. Wells Fargo & Company lowered their price objective on shares of Salesforce from $310.00 to $255.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Stephens began coverage on Salesforce in a research report on Wednesday, March 19th. They issued an "equal weight" rating and a $311.00 price objective on the stock. Macquarie reiterated a "neutral" rating and issued a $320.00 price objective on shares of Salesforce in a research note on Thursday, March 20th. Bank of America dropped their price target on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Finally, TD Cowen upgraded shares of Salesforce from a "hold" rating to a "buy" rating and lifted their price objective for the company from $380.00 to $400.00 in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $350.56.

Insiders Place Their Bets

In other news, insider R David Schmaier sold 4,586 shares of the business's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total value of $1,163,284.76. Following the completion of the sale, the insider now directly owns 33,273 shares of the company's stock, valued at approximately $8,440,029.18. The trade was a 12.11 % decrease in their position. The transaction 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 that occurred on Friday, May 2nd. The stock was sold at an average price of $275.00, for a total value of $137,500.00. Following the transaction, the chief accounting officer now directly owns 11,711 shares in the company, valued at approximately $3,220,525. This trade represents a 4.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,830 shares of company stock worth $12,907,361 in the last ninety days. 3.20% of the stock is owned by corporate insiders.

Salesforce Price Performance

Salesforce stock traded up $3.76 during trading on Wednesday, reaching $277.12. The company had a trading volume of 1,500,989 shares, compared to its average volume of 6,803,827. The firm has a market capitalization of $266.42 billion, a PE ratio of 45.61, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. The firm's 50-day simple moving average is $268.22 and its 200 day simple moving average is $307.43. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00.

Salesforce Increases Dividend

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