Kensico Capital Management Corp Buys 20,200 Shares of Salesforce, Inc. (NYSE:CRM)

Kensico Capital Management Corp raised its position in Salesforce, Inc. (NYSE:CRM - Free Report) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 432,100 shares of the CRM provider's stock after purchasing an additional 20,200 shares during the quarter. Salesforce accounts for approximately 3.3% of Kensico Capital Management Corp's holdings, making the stock its 12th biggest holding. Kensico Capital Management Corp's holdings in Salesforce were worth $144,464,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new position in shares of Salesforce during the 4th quarter valued at approximately $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Salesforce by 926.4% during 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 in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Salesforce during the fourth quarter worth about $1,173,564,000. Invesco Ltd. boosted its position in shares of Salesforce by 42.5% in the 4th 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 in the last quarter. Finally, Northern Trust Corp raised its position in shares of Salesforce by 18.3% during the 4th 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 last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Insider Transactions at Salesforce

In other news, insider R David Schmaier sold 6,959 shares of Salesforce stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the sale, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. The trade was a 16.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,342,415. The trade was a 11.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,830 shares of company stock worth $12,907,361. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wells Fargo & Company reduced their price target 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. DA Davidson reaffirmed an "underperform" rating and issued a $200.00 price objective on shares of Salesforce in a report on Monday, April 21st. Jefferies Financial Group reduced their price objective on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Piper Sandler lowered their price target on Salesforce from $400.00 to $315.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, Cantor Fitzgerald started coverage on shares of Salesforce in a report on Wednesday, April 23rd. They issued an "overweight" rating and a $210.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have issued a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat, Salesforce presently has a consensus rating of "Moderate Buy" and a consensus price target of $350.56.

Salesforce Trading Up 1.0%

CRM stock traded up $2.79 on Tuesday, hitting $291.61. 1,220,359 shares of the company were exchanged, compared to its average volume of 6,823,186. The stock has a market capitalization of $280.35 billion, a price-to-earnings ratio of 48.00, 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 current ratio of 1.11 and a quick ratio of 1.11. The business's fifty day moving average is $267.27 and its two-hundred day moving average is $307.35. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month 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 given a dividend of $0.42 per share. This is a boost from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.58%. Salesforce's dividend payout ratio (DPR) is presently 26.10%.

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.