Leith Wheeler Investment Counsel Ltd. Takes $24.51 Million Position in Salesforce, Inc. (NYSE:CRM)

Leith Wheeler Investment Counsel Ltd. acquired a new position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 73,297 shares of the CRM provider's stock, valued at approximately $24,505,000. Salesforce comprises approximately 1.8% of Leith Wheeler Investment Counsel Ltd.'s investment portfolio, making the stock its 15th biggest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bernard Wealth Management Corp. purchased a new stake in Salesforce during the 4th quarter worth approximately $25,000. Arlington Trust Co LLC lifted its holdings in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after buying an additional 40 shares in the last quarter. Compass Financial Services Inc acquired a new stake in Salesforce during the 4th quarter worth approximately $30,000. Asset Planning Inc acquired a new stake in Salesforce during the 4th quarter worth approximately $31,000. Finally, Collier Financial acquired a new stake in Salesforce during the 4th quarter worth approximately $32,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Westpark Capital reiterated a "buy" rating and set a $320.00 target price on shares of Salesforce in a report on Wednesday. Jefferies Financial Group reduced their price objective on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a report on Monday, March 31st. DA Davidson restated an "underperform" rating and issued a $200.00 price objective on shares of Salesforce in a report on Monday, April 21st. Robert W. Baird reduced their price objective 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. Finally, Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a report on Monday, April 21st. One 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $350.56.

Salesforce Price Performance

Shares of CRM traded up $0.70 during mid-day trading on Wednesday, reaching $268.46. 4,610,632 shares of the company's stock were exchanged, compared to its average volume of 6,812,489. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a market cap of $258.09 billion, a price-to-earnings ratio of 44.15, a PEG ratio of 2.58 and a beta of 1.38. The company has a 50-day simple moving average of $270.74 and a two-hundred day simple moving average of $307.83.

Salesforce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend was Thursday, April 10th. This is a boost from Salesforce's previous quarterly dividend of $0.40. Salesforce's dividend payout ratio is 26.10%.

Insider Buying and Selling at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction of $2,089,882.74. Following the sale, the chief financial officer now owns 46,750 shares in the company, valued at approximately $15,705,195. This represents a 11.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total value of $167,970.00. Following the sale, the chief accounting officer now owns 6,557 shares in the company, valued at approximately $2,202,758.58. This trade represents a 7.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,051 shares of company stock worth $15,027,714. 3.20% of the stock is owned by insiders.

Salesforce 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.