Contour Asset Management LLC Raises Stock Position in Salesforce, Inc. (NYSE:CRM)

Contour Asset Management LLC raised its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 1.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 647,386 shares of the CRM provider's stock after purchasing an additional 8,259 shares during the period. Salesforce accounts for approximately 6.3% of Contour Asset Management LLC's investment portfolio, making the stock its 4th biggest position. Contour Asset Management LLC owned approximately 0.07% of Salesforce worth $216,441,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bernard Wealth Management Corp. acquired a new stake in Salesforce during the 4th quarter valued at approximately $25,000. Accredited Wealth Management LLC bought a new stake in shares of Salesforce in the 4th quarter valued at $27,000. Arlington Trust Co LLC increased its position in shares of Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after buying an additional 40 shares during the period. Compass Financial Services Inc bought a new position in Salesforce during the fourth quarter worth $30,000. Finally, Asset Planning Inc acquired a new position in Salesforce in the fourth quarter valued at $31,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CRM shares. Needham & Company LLC reissued a "buy" rating and issued a $400.00 price objective on shares of Salesforce in a research report on Friday, April 25th. Guggenheim upgraded Salesforce from a "sell" rating to a "neutral" rating in a report on Monday, April 21st. TD Cowen upgraded Salesforce from a "hold" rating to a "buy" rating and increased their price target for the stock from $380.00 to $400.00 in a report on Friday, January 17th. Redburn Atlantic started coverage on shares of Salesforce in a research note on Wednesday, February 19th. They issued a "buy" rating for the company. Finally, Morgan Stanley cut their target price 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. One research 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $350.56.

Salesforce Stock Performance

NYSE CRM opened at $273.65 on Wednesday. The company has a market capitalization of $263.08 billion, a PE ratio of 45.01, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. 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 52-week low of $212.00 and a 52-week high of $369.00. The company has a 50-day simple moving average of $268.22 and a 200 day simple moving average of $307.43.

Salesforce Increases Dividend

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

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 1,909 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $543,263.22. Following the transaction, the chief accounting officer now owns 11,310 shares of the company's stock, valued at $3,218,599.80. This represents a 14.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Millham sold 979 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total value of $248,333.14. Following the transaction, the chief executive officer now owns 6,487 shares of the company's stock, valued at $1,645,492.42. The trade was a 13.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,830 shares of company stock valued at $12,907,361. 3.20% of the stock is owned by company insiders.

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.

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