Monolith Management Ltd Invests $14.04 Million in Salesforce, Inc. (NYSE:CRM)

Monolith Management Ltd bought a new position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 42,000 shares of the CRM provider's stock, valued at approximately $14,042,000. Salesforce accounts for 7.3% of Monolith Management Ltd's portfolio, making the stock its 4th largest holding.

Several other large investors have also added to or reduced their stakes in the company. Invst LLC lifted its holdings in shares of Salesforce by 4.2% in the third quarter. Invst LLC now owns 17,003 shares of the CRM provider's stock worth $4,654,000 after buying an additional 685 shares in the last quarter. Passumpsic Savings Bank lifted its stake in Salesforce by 1.2% in the 3rd quarter. Passumpsic Savings Bank now owns 7,332 shares of the CRM provider's stock worth $2,007,000 after purchasing an additional 87 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in shares of Salesforce by 15.7% during the 3rd quarter. Anchor Investment Management LLC now owns 4,290 shares of the CRM provider's stock valued at $1,174,000 after purchasing an additional 581 shares during the last quarter. Pine Valley Investments Ltd Liability Co grew its position in shares of Salesforce by 14.0% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 7,047 shares of the CRM provider's stock valued at $1,930,000 after purchasing an additional 866 shares in the last quarter. Finally, World Investment Advisors LLC increased its holdings in shares of Salesforce by 570.4% in the third quarter. World Investment Advisors LLC now owns 54,446 shares of the CRM provider's stock worth $14,903,000 after purchasing an additional 46,324 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Stock Up 0.5 %

NYSE CRM traded up $1.29 during midday trading on Tuesday, hitting $266.93. 1,538,827 shares of the company traded hands, compared to its average volume of 6,796,026. The company has a market cap of $256.62 billion, a PE ratio of 43.85, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. 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, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The company's 50-day simple moving average is $272.58 and its 200-day simple moving average is $308.39.

Salesforce Increases Dividend

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

Wall Street Analyst Weigh In

CRM has been the subject of a number of research reports. Canaccord Genuity Group dropped their price target on Salesforce from $415.00 to $400.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Citigroup restated a "buy" rating on shares of Salesforce in a research report on Wednesday, March 19th. Loop Capital lowered their price objective on shares of Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a research report on Thursday, February 27th. Bank of America reduced their target price 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. Finally, DA Davidson reaffirmed an "underperform" rating and issued a $200.00 price target on shares of Salesforce in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has a consensus rating of "Moderate Buy" and an average price target of $351.37.

Insider Buying and Selling at Salesforce

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

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.