Benchstone Capital Management LP Has $37.38 Million Stake in Salesforce Inc. $CRM

Key Points

• Benchstone Capital Management LP increased its holdings in Salesforce Inc. by 119.9%, acquiring an additional 75,937 shares, bringing its total to 139,275 shares worth approximately $37.4 million.
• Multiple analysts have set varying price targets for Salesforce, with ratings that include one Strong Buy and twenty-four Buy ratings, indicating a consensus rating of "Moderate Buy" and an average target price of $341.47.
• Salesforce recently declared a quarterly dividend of $0.416 per share, with a forward annualized dividend yield of 0.6%, reflecting a dividend payout ratio of 25.98%.

Benchstone Capital Management LP increased its position in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 119.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 139,275 shares of the CRM provider's stock after acquiring an additional 75,937 shares during the period. Salesforce comprises 4.0% of Benchstone Capital Management LP's investment portfolio, making the stock its 10th biggest position. Benchstone Capital Management LP's holdings in Salesforce were worth $37,376,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Bernard Wealth Management Corp. acquired a new position in Salesforce during the 4th quarter worth about $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce during the 4th quarter worth about $27,000. Capital A Wealth Management LLC increased its holdings in Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after purchasing an additional 90 shares during the period. CBIZ Investment Advisory Services LLC increased its holdings in Salesforce by 314.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after purchasing an additional 85 shares during the period. Finally, Abound Financial LLC purchased a new stake in Salesforce during the 1st quarter worth about $31,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Analyst Upgrades and Downgrades

CRM has been the topic of several recent research reports. Sanford C. Bernstein upped their price target on Salesforce from $243.00 to $255.00 and gave the stock an "underperform" rating in a report on Thursday, May 29th. Barclays dropped their price target on Salesforce from $347.00 to $316.00 and set an "overweight" rating on the stock in a research note on Monday, August 18th. Needham & Company LLC restated a "buy" rating and set a $400.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. Northland Securities decreased their price objective on Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Finally, Bank of America decreased their price objective on Salesforce from $350.00 to $325.00 and set a "buy" rating for the company in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Salesforce currently has a consensus rating of "Moderate Buy" and an average target price of $341.50.

Insiders Place Their Bets

In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $257.02, for a total value of $578,295.00. Following the transaction, the chief executive officer owned 11,911,571 shares in the company, valued at approximately $3,061,511,978.42. This trade represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 61,577 shares of company stock valued at $15,776,163 in the last 90 days. 3.00% of the stock is currently owned by company insiders.

Salesforce Trading Down 1.3%

NYSE:CRM traded down $3.31 on Tuesday, reaching $252.94. The stock had a trading volume of 9,290,237 shares, compared to its average volume of 8,008,836. The company has a market cap of $241.81 billion, a price-to-earnings ratio of 39.58, a P/E/G ratio of 2.33 and a beta of 1.22. Salesforce Inc. has a 12-month low of $226.48 and a 12-month high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The firm's fifty day moving average is $257.20 and its two-hundred day moving average is $268.36.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were issued a $0.416 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.7%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

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.