Northern Trust Corp Buys 1,736,667 Shares of Salesforce, Inc. (NYSE:CRM)

Northern Trust Corp raised its position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 18.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,224,927 shares of the CRM provider's stock after purchasing an additional 1,736,667 shares during the quarter. Salesforce accounts for approximately 0.5% of Northern Trust Corp's holdings, making the stock its 26th biggest position. Northern Trust Corp owned about 1.17% of Salesforce worth $3,752,830,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bernard Wealth Management Corp. bought a new position in Salesforce in the fourth quarter worth approximately $25,000. Arlington Trust Co LLC raised its holdings in Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after purchasing an additional 40 shares during the period. Compass Financial Services Inc bought a new position in Salesforce in the 4th quarter worth $30,000. Asset Planning Inc bought a new stake in Salesforce during the fourth quarter valued at about $31,000. Finally, Collier Financial purchased a new stake in Salesforce in the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Salesforce Trading Up 0.3 %

Salesforce stock traded up $0.70 during midday trading on Wednesday, reaching $268.46. The stock had a trading volume of 4,610,632 shares, 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. The firm has a market cap of $258.09 billion, a price-to-earnings ratio of 44.15, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a fifty day moving average of $271.56 and a 200 day moving average of $308.10.

Salesforce Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CRM. Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. 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. Loop Capital reduced their price objective on shares of Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and set a $400.00 target price on shares of Salesforce in a research note on Friday, April 25th. Finally, Stifel Nicolaus cut their price target on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $350.56.

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 500 shares of the business'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 $167,970.00. Following the completion of the sale, the chief accounting officer now owns 6,557 shares in the company, valued at approximately $2,202,758.58. The trade was a 7.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the firm's stock in a transaction 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 transaction, the chief financial officer now owns 46,750 shares in the company, valued at $15,705,195. 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 three months, insiders sold 52,051 shares of company stock valued at $15,027,714. Insiders own 3.20% of the company's stock.

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.