Salesforce, Inc. (NYSE:CRM) Stake Raised by Family Management Corp

Family Management Corp grew its position in Salesforce, Inc. (NYSE:CRM - Free Report) by 4.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,600 shares of the CRM provider's stock after buying an additional 918 shares during the quarter. Salesforce accounts for approximately 1.2% of Family Management Corp's holdings, making the stock its 21st biggest holding. Family Management Corp's holdings in Salesforce were worth $7,222,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nvest Financial LLC increased its stake in shares of Salesforce by 1.1% during the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider's stock worth $938,000 after purchasing an additional 31 shares in the last quarter. OMC Financial Services LTD grew its holdings in Salesforce by 0.3% during the 4th quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider's stock valued at $3,808,000 after buying an additional 31 shares during the last quarter. Capital Advisors Ltd. LLC increased its position in Salesforce by 4.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider's stock worth $263,000 after buying an additional 31 shares in the last quarter. Sachetta LLC raised its holdings in shares of Salesforce by 0.3% in the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider's stock worth $3,684,000 after acquiring an additional 32 shares during the last quarter. Finally, Prossimo Advisors LLC lifted its position in shares of Salesforce by 1.0% in the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider's stock valued at $1,125,000 after acquiring an additional 32 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CRM. Canaccord Genuity Group cut their price objective on shares of Salesforce from $415.00 to $400.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Bank of America dropped their price objective on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Piper Sandler decreased their target price on shares of Salesforce from $400.00 to $315.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Stephens assumed coverage on shares of Salesforce in a research report on Wednesday, March 19th. They set an "equal weight" rating and a $311.00 price target for the company. Finally, Wells Fargo & Company cut their target price on Salesforce from $310.00 to $255.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have given a buy rating and five have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $350.56.

Salesforce Stock Performance

Shares of Salesforce stock traded down $4.36 during trading hours on Friday, reaching $275.38. The company's stock had a trading volume of 4,322,783 shares, compared to its average volume of 6,832,205. 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 company's 50 day simple moving average is $267.33 and its 200 day simple moving average is $307.06. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The stock has a market cap of $264.75 billion, a P/E ratio of 45.29, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were issued a $0.42 dividend. This is an increase from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.61%. Salesforce's dividend payout ratio (DPR) is 26.10%.

Insider Activity at Salesforce

In other Salesforce news, insider Miguel Milano sold 458 shares of the business's stock in a transaction dated 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $275.00, for a total value of $137,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 11,711 shares of the company's stock, valued at $3,220,525. This trade represents a 4.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,830 shares of company stock worth $12,907,361 in the last 90 days. 3.20% of the stock is currently owned by company 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.