Palestra Capital Management LLC Sells 135,098 Shares of Salesforce, Inc. (NYSE:CRM)

Palestra Capital Management LLC trimmed its position in Salesforce, Inc. (NYSE:CRM - Free Report) by 19.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 564,950 shares of the CRM provider's stock after selling 135,098 shares during the period. Salesforce makes up about 5.2% of Palestra Capital Management LLC's holdings, making the stock its 2nd biggest position. Palestra Capital Management LLC owned approximately 0.06% of Salesforce worth $188,880,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Miguel Milano sold 458 shares of Salesforce stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $307.97, for a total transaction of $141,050.26. Following the sale, the insider now directly owns 5,864 shares of the company's stock, valued at approximately $1,805,936.08. The trade was a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R David Schmaier sold 6,959 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 36,090 shares in the company, valued at approximately $9,141,957.90. This trade represents a 16.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,051 shares of company stock valued at $15,027,714. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CRM shares. Redburn Atlantic initiated coverage on shares of Salesforce in a research note on Wednesday, February 19th. They set a "buy" rating for the company. Macquarie reaffirmed a "neutral" rating and set a $320.00 target price on shares of Salesforce in a research report on Thursday, March 20th. Scotiabank dropped their target price on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. Morgan Stanley dropped their target price on Salesforce from $405.00 to $393.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus dropped their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. 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 assigned a strong buy rating to the stock. According to MarketBeat, Salesforce presently has an average rating of "Moderate Buy" and a consensus price target of $350.56.

Salesforce Trading Up 0.3 %

Salesforce stock opened at $268.46 on Thursday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. 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 has a market capitalization of $258.09 billion, a PE ratio of 44.15, a PEG ratio of 2.58 and a beta of 1.38. The business's 50-day simple moving average is $270.74 and its 200-day simple moving average is $307.83.

Salesforce Increases Dividend

The business also recently disclosed 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%. This is an increase from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. Salesforce's payout ratio is presently 26.10%.

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.

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