Cache Advisors LLC Takes $3.18 Million Position in Salesforce, Inc. (NYSE:CRM)

Cache Advisors LLC bought a new stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 9,504 shares of the CRM provider's stock, valued at approximately $3,177,000. Salesforce accounts for 1.2% of Cache Advisors LLC's investment portfolio, making the stock its 19th biggest position.

A number of other hedge funds also recently modified their holdings of CRM. Tallon Kerry Patrick acquired a new position in shares of Salesforce in the fourth quarter worth $236,000. Red Door Wealth Management LLC raised its stake in shares of Salesforce by 7.5% during the 4th quarter. Red Door Wealth Management LLC now owns 20,680 shares of the CRM provider's stock worth $6,914,000 after purchasing an additional 1,451 shares in the last quarter. Secure Asset Management LLC increased its holdings in Salesforce by 5.5% in the fourth quarter. Secure Asset Management LLC now owns 7,351 shares of the CRM provider's stock worth $2,458,000 after buying an additional 380 shares during the last quarter. Apeiron RIA LLC bought a new position in Salesforce during the fourth quarter valued at approximately $264,000. Finally, Montecito Bank & Trust lifted its stake in Salesforce by 12.6% in the fourth quarter. Montecito Bank & Trust now owns 4,270 shares of the CRM provider's stock valued at $1,428,000 after acquiring an additional 477 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Insider Buying and Selling at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at $14,071,750. The trade was a 11.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Miguel Milano sold 705 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the completion of the sale, the insider now owns 9,323 shares of the company's stock, valued at $2,605,219.12. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,553 shares of company stock worth $12,897,323. Company insiders own 3.20% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Piper Sandler restated an "overweight" rating on shares of Salesforce in a research note on Wednesday. Wells Fargo & Company lowered their target price on shares of Salesforce from $310.00 to $255.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Westpark Capital reaffirmed a "buy" rating and issued a $320.00 price target on shares of Salesforce in a research report on Wednesday. Oppenheimer lowered their price objective on Salesforce from $415.00 to $380.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Finally, BMO Capital Markets reduced their target price on Salesforce from $367.00 to $350.00 and set an "outperform" rating for the company in a report on Tuesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and five have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $348.59.

Salesforce Trading Down 0.6%

Shares of CRM stock traded down $1.76 on Wednesday, reaching $275.43. 4,046,799 shares of the stock were exchanged, compared to its average volume of 6,702,600. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The stock has a market cap of $264.80 billion, a PE ratio of 45.30, a P/E/G ratio of 2.58 and a beta of 1.42. The stock has a 50 day moving average price of $268.29 and a 200 day moving average price of $306.00.

Salesforce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were issued a dividend of $0.42 per share. This is a boost 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 of this dividend was Thursday, April 10th. Salesforce's payout ratio is currently 26.10%.

Salesforce 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.