TenCore Partners LP Sells 22,496 Shares of Salesforce, Inc. (NYSE:CRM)

TenCore Partners LP reduced its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 31.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 48,508 shares of the CRM provider's stock after selling 22,496 shares during the quarter. Salesforce makes up 8.0% of TenCore Partners LP's investment portfolio, making the stock its 6th biggest holding. TenCore Partners LP's holdings in Salesforce were worth $16,218,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Norges Bank purchased a new position in shares of Salesforce during the fourth quarter worth about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Salesforce by 926.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock valued at $1,422,979,000 after purchasing an additional 3,841,521 shares during the period. Raymond James Financial Inc. purchased a new position in Salesforce during the 4th quarter worth approximately $1,173,564,000. Invesco Ltd. increased its position in Salesforce by 42.5% during the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after buying an additional 2,325,156 shares during the period. Finally, Northern Trust Corp lifted its stake in Salesforce by 18.3% in 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 buying an additional 1,736,667 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Analyst Upgrades and Downgrades

CRM has been the topic of a number of research reports. Redburn Atlantic initiated coverage on shares of Salesforce in a research report on Wednesday, February 19th. They set a "buy" rating on the stock. Robert W. Baird lowered their price objective on shares of Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Mizuho reduced their target price on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a report on Thursday. Stifel Nicolaus decreased their target price on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Salesforce in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have given a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat, Salesforce currently has an average rating of "Moderate Buy" and a consensus target price of $352.62.

Insider Transactions at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total transaction of $2,041,607.78. Following the completion of the transaction, the chief financial officer now owns 46,750 shares of the company's stock, valued at approximately $15,342,415. 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 accessible through this link. Also, insider Srinivas Tallapragada sold 6,697 shares of the company's 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 completion of the sale, the insider now owns 41,422 shares in the company, valued at $12,219,490. This represents a 13.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,527 shares of company stock valued at $14,882,976 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Performance

NYSE CRM opened at $291.00 on Friday. The business has a 50 day moving average price of $268.10 and a 200 day moving average price of $307.10. The company has a market capitalization of $279.76 billion, a P/E ratio of 47.86, a PEG ratio of 2.58 and a beta of 1.42. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. 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 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were given a $0.42 dividend. The ex-dividend date was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.58%. This is a boost from Salesforce's previous quarterly dividend of $0.40. Salesforce's dividend payout ratio (DPR) is currently 26.10%.

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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