Twinbeech Capital LP Purchases Shares of 17,020 Salesforce, Inc. (NYSE:CRM)

Twinbeech Capital LP purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 17,020 shares of the CRM provider's stock, valued at approximately $5,690,000.

A number of other hedge funds have also added to or reduced their stakes in CRM. Foundations Investment Advisors LLC boosted its stake in shares of Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider's stock worth $12,194,000 after buying an additional 4,752 shares during the last quarter. Athena Investment Management purchased a new position in shares of Salesforce in the 4th quarter worth approximately $236,000. Highland Capital Management LLC purchased a new position in shares of Salesforce in the 4th quarter worth approximately $4,321,000. Jag Capital Management LLC boosted its stake in shares of Salesforce by 2,507.9% in the 4th quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider's stock worth $7,926,000 after buying an additional 22,797 shares during the last quarter. Finally, Lecap Asset Management Ltd. purchased a new position in shares of Salesforce in the 4th quarter worth approximately $2,861,000. Institutional investors and hedge funds own 80.43% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRM. Westpark Capital restated a "buy" rating and issued a $320.00 target price on shares of Salesforce in a research note on Wednesday, April 30th. Wells Fargo & Company lowered their price target on shares of Salesforce from $310.00 to $255.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Bank of America lowered their price target on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Scotiabank lowered their price target on shares of Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a report on Monday, March 17th. Finally, Robert W. Baird lowered their price target on shares of Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have given a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $352.62.

Salesforce Stock Down 1.4%

Shares of NYSE:CRM opened at $287.03 on Tuesday. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The firm has a fifty day moving average of $268.15 and a 200 day moving average of $307.16. The firm has a market capitalization of $275.95 billion, a PE ratio of 47.21, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were given a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This is a positive change from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.59%. Salesforce's payout ratio is 26.10%.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 1,909 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the sale, the chief accounting officer now directly owns 11,310 shares of the company's stock, valued at $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian Millham sold 3,937 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $1,120,391.46. Following the transaction, the chief executive officer now directly owns 5,518 shares of the company's stock, valued at approximately $1,570,312.44. This trade represents a 41.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,306 shares of company stock valued at $12,841,368 over the last three months. Insiders own 3.20% of the company's stock.

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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