Bayesian Capital Management LP Purchases New Shares in Salesforce, Inc. (NYSE:CRM)

Bayesian Capital Management LP bought a new stake in Salesforce, Inc. (NYSE:CRM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 28,768 shares of the CRM provider's stock, valued at approximately $9,618,000. Salesforce comprises about 1.2% of Bayesian Capital Management LP's investment portfolio, making the stock its 3rd biggest position.

Several other large investors have also bought and sold shares of CRM. Norges Bank bought a new position in shares of Salesforce during the fourth quarter worth $3,599,867,000. Raymond James Financial Inc. acquired a new stake in Salesforce during the 4th quarter worth $1,173,564,000. Invesco Ltd. lifted its holdings in Salesforce by 42.5% during the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after acquiring an additional 2,325,156 shares in the last quarter. Northern Trust Corp grew its stake in Salesforce by 18.3% in the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock valued at $3,752,830,000 after acquiring an additional 1,736,667 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Salesforce by 23.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock worth $2,988,422,000 after acquiring an additional 1,683,233 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Salesforce

In other news, insider Miguel Milano sold 458 shares of Salesforce stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $307.97, for a total transaction of $141,050.26. Following the completion of the transaction, the insider now directly owns 5,864 shares in the company, valued at $1,805,936.08. This trade represents a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total transaction of $2,041,607.78. Following the completion of the sale, the chief financial officer now owns 46,750 shares in the company, valued at $15,342,415. This represents a 11.74 % 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 over the last quarter. Company insiders own 3.20% of the company's stock.

Salesforce Trading Up 1.8 %

CRM traded up $4.86 during midday trading on Wednesday, hitting $278.22. 4,266,346 shares of the company were exchanged, compared to its average volume of 6,814,441. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $267.48 billion, a P/E ratio of 45.76, a P/E/G ratio of 2.58 and a beta of 1.42. The firm's 50 day moving average price is $268.22 and its 200-day moving average price is $307.43.

Salesforce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were paid a $0.42 dividend. This is a positive change from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce's dividend payout ratio is currently 26.10%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRM. Morgan Stanley cut their price target on shares of Salesforce from $405.00 to $393.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. TD Cowen raised shares of Salesforce from a "hold" rating to a "buy" rating and boosted their price objective for the company from $380.00 to $400.00 in a research report on Friday, January 17th. Loop Capital dropped their price target on Salesforce from $330.00 to $300.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Scotiabank reduced their price objective on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating for the company in a research report on Monday, March 17th. Finally, Bank of America dropped their target price on Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have assigned a buy rating and five have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $350.56.

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.