Starboard Value LP Sells 882,584 Shares of Salesforce, Inc. (NYSE:CRM)

Starboard Value LP decreased its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 61.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 559,264 shares of the CRM provider's stock after selling 882,584 shares during the period. Salesforce makes up about 3.4% of Starboard Value LP's portfolio, making the stock its 15th largest position. Starboard Value LP owned approximately 0.06% of Salesforce worth $186,979,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in Salesforce by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock worth $6,656,078,000 after acquiring an additional 175,035 shares during the last quarter. Fisher Asset Management LLC increased its stake in Salesforce by 1.4% in the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock worth $4,163,703,000 after acquiring an additional 177,321 shares during the last quarter. Northern Trust Corp increased its stake in Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after acquiring an additional 1,736,667 shares during the last quarter. Norges Bank bought a new position in Salesforce in the 4th quarter worth about $3,599,867,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Salesforce by 23.2% in the 4th 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 during the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Stock Performance

NYSE:CRM traded up $0.01 during mid-day trading on Tuesday, hitting $287.64. 4,026,816 shares of the company traded hands, compared to its average volume of 6,889,261. The stock's fifty day moving average price is $268.15 and its 200-day moving average price is $307.16. Salesforce, Inc. has a one year low of $212.00 and a one 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 cap of $276.53 billion, a price-to-earnings ratio of 47.31, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 0.58%. This is an increase from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. Salesforce's dividend payout ratio is presently 26.10%.

Analysts Set New Price Targets

CRM has been the topic of several research reports. Cantor Fitzgerald initiated coverage on shares of Salesforce in a research note on Wednesday, April 23rd. They set an "overweight" rating and a $210.00 price target on the stock. DA Davidson reissued an "underperform" rating and set a $200.00 price target on shares of Salesforce in a research note on Monday, April 21st. Macquarie reissued a "neutral" rating and set a $320.00 price target on shares of Salesforce in a research note on Thursday, March 20th. Needham & Company LLC reissued a "buy" rating and set a $400.00 price target on shares of Salesforce in a research note on Friday, April 25th. Finally, Stephens began coverage on shares of Salesforce in a research note on Wednesday, March 19th. They set an "equal weight" rating and a $311.00 price target on the stock. 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 given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $352.62.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $275.00, for a total transaction of $137,500.00. Following the transaction, the chief accounting officer now directly owns 11,711 shares in the company, valued at $3,220,525. This trade represents a 4.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total value of $1,975,615.00. Following the sale, the insider now directly owns 41,422 shares in the company, valued at $12,219,490. This trade represents a 13.92% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,306 shares of company stock worth $12,841,368. Corporate insiders own 3.20% of the company's stock.

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.