Yoffe Investment Management LLC Invests $313,000 in Salesforce, Inc. (NYSE:CRM)

Yoffe Investment Management LLC acquired a new stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 937 shares of the CRM provider's stock, valued at approximately $313,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Geode Capital Management LLC lifted its position in Salesforce by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock valued at $6,656,078,000 after acquiring an additional 175,035 shares during the last quarter. Fisher Asset Management LLC lifted its position in Salesforce by 1.4% during the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock valued at $4,163,703,000 after acquiring an additional 177,321 shares during the last quarter. Northern Trust Corp lifted its position in Salesforce by 18.3% during 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 last quarter. Norges Bank purchased a new stake in Salesforce during the fourth quarter valued at approximately $3,599,867,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Salesforce by 23.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock valued at $2,988,422,000 after acquiring an additional 1,683,233 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

CRM stock traded down $2.12 during midday trading on Wednesday, hitting $275.07. 12,207,739 shares of the stock traded hands, compared to its average volume of 6,957,179. The firm has a market cap of $264.45 billion, a P/E ratio of 45.24, a PEG ratio of 2.58 and a beta of 1.42. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock's fifty day simple moving average is $268.29 and its 200-day simple moving average is $306.00. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00.

Salesforce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were given a $0.42 dividend. This is a positive change from Salesforce's previous quarterly dividend of $0.40. 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%. Salesforce's dividend payout ratio (DPR) is 26.10%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRM. Wells Fargo & Company decreased their target price on shares of Salesforce from $310.00 to $255.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Stephens began coverage on shares of Salesforce in a research report on Wednesday, March 19th. They set an "equal weight" rating and a $311.00 target price for the company. Robert W. Baird decreased their target price on shares of Salesforce from $430.00 to $400.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Cantor Fitzgerald initiated coverage on shares of Salesforce in a report on Wednesday, April 23rd. They issued an "overweight" rating and a $210.00 price target for the company. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Salesforce in a report on Wednesday. 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $348.59.

Insider Activity

In other news, 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 directly owns 46,750 shares of the company's stock, valued at approximately $12,967,047.50. This trade represents a 11.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Robin L. Washington purchased 1,695 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the completion of the purchase, the director now owns 43,445 shares of the company's stock, valued at approximately $12,799,331.45. This represents a 4.06% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 46,553 shares of company stock worth $12,897,323 over the last 90 days. 3.20% of the stock is currently 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.