Foxhaven Asset Management LP Invests $80.72 Million in Salesforce, Inc. (NYSE:CRM)

Foxhaven Asset Management LP bought a new stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 241,450 shares of the CRM provider's stock, valued at approximately $80,724,000. Salesforce makes up approximately 2.2% of Foxhaven Asset Management LP's holdings, making the stock its 16th largest holding.

Several other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Salesforce in the fourth quarter worth about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Salesforce by 926.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock worth $1,422,979,000 after purchasing an additional 3,841,521 shares during the period. Raymond James Financial Inc. bought a new position in shares of Salesforce in the fourth quarter worth about $1,173,564,000. Invesco Ltd. increased its stake in shares of Salesforce by 42.5% in the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after purchasing an additional 2,325,156 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Salesforce by 18.3% in the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after purchasing an additional 1,736,667 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Insider Activity

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $275.00, for a total transaction of $137,500.00. Following the completion of the transaction, the chief accounting officer now owns 11,711 shares in the company, valued at approximately $3,220,525. This represents a 4.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R David Schmaier sold 6,959 shares of the stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total value of $1,762,784.29. Following the transaction, the insider now owns 36,090 shares of the company's stock, valued at approximately $9,141,957.90. This trade represents a 16.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,830 shares of company stock valued at $12,907,361 in the last 90 days. 3.20% of the stock is owned by company insiders.

Salesforce Trading Up 0.1%

CRM traded up $0.36 during mid-day trading on Tuesday, reaching $289.18. The stock had a trading volume of 6,660,848 shares, compared to its average volume of 6,843,761. The stock has a market capitalization of $278.01 billion, a P/E ratio of 47.56, a P/E/G 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. The firm's fifty day simple moving average is $267.27 and its two-hundred day simple moving average is $307.35. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00.

Salesforce Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CRM shares. Piper Sandler dropped their price objective on Salesforce from $400.00 to $315.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Westpark Capital restated a "buy" rating and set a $320.00 price target on shares of Salesforce in a research note on Wednesday, April 30th. Loop Capital lowered their price target on Salesforce from $330.00 to $300.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. BMO Capital Markets restated an "outperform" rating on shares of Salesforce in a research note on Wednesday, March 19th. Finally, Stifel Nicolaus lowered their price target on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have assigned a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $350.56.

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.