Paloma Partners Management Co Increases Stake in Salesforce, Inc. (NYSE:CRM)

Paloma Partners Management Co grew its holdings in Salesforce, Inc. (NYSE:CRM - Free Report) by 224.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,200 shares of the CRM provider's stock after purchasing an additional 61,700 shares during the quarter. Salesforce comprises about 1.3% of Paloma Partners Management Co's portfolio, making the stock its 18th biggest position. Paloma Partners Management Co's holdings in Salesforce were worth $29,822,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Leith Wheeler Investment Counsel Ltd. purchased a new stake in Salesforce in the fourth quarter worth $24,505,000. AdvisorShares Investments LLC purchased a new stake in shares of Salesforce in the fourth quarter worth about $490,000. Candlestick Capital Management LP purchased a new stake in shares of Salesforce in the fourth quarter worth about $32,709,000. Northern Trust Corp lifted its holdings in shares of Salesforce by 18.3% in the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after buying an additional 1,736,667 shares in the last quarter. Finally, Insight Holdings Group LLC purchased a new stake in shares of Salesforce in the fourth quarter worth about $16,549,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Miguel Milano sold 458 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $307.97, for a total transaction of $141,050.26. Following the completion of the transaction, the insider now directly owns 5,864 shares of the company's stock, valued at $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 is available at the SEC website. Also, CAO Sundeep G. Reddy sold 500 shares of the business's stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 6,557 shares of the company's stock, valued at $2,202,758.58. The trade was a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,051 shares of company stock valued at $15,027,714 over the last three months. Insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRM. 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. Wells Fargo & Company lowered their price target on shares of Salesforce from $310.00 to $255.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Piper Sandler lowered their price target on shares of Salesforce from $400.00 to $315.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Jefferies Financial Group decreased their price objective on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Finally, Morgan Stanley decreased their price objective on shares of Salesforce from $405.00 to $393.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have assigned a buy rating and five have issued a strong buy rating to the company's stock. According to MarketBeat.com, Salesforce currently has an average rating of "Moderate Buy" and an average target price of $350.56.

Salesforce Stock Up 0.3 %

Shares of NYSE CRM traded up $0.70 during midday trading on Wednesday, hitting $268.46. The stock had a trading volume of 4,610,632 shares, compared to its average volume of 6,812,489. The business's 50 day moving average is $270.74 and its 200-day moving average is $307.83. The company has a market cap of $258.09 billion, a P/E ratio of 44.15, a PEG 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 quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 0.63%. This is a boost 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%.

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.