Select Equity Group L.P. Sells 304,592 Shares of Salesforce, Inc. (NYSE:CRM)

Select Equity Group L.P. lessened its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 38.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 479,703 shares of the CRM provider's stock after selling 304,592 shares during the quarter. Select Equity Group L.P. owned about 0.05% of Salesforce worth $160,379,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CRM. Geode Capital Management LLC raised its holdings in Salesforce by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock worth $6,656,078,000 after acquiring an additional 175,035 shares during the period. Fisher Asset Management LLC raised its holdings in Salesforce by 1.4% in the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock worth $4,163,703,000 after acquiring an additional 177,321 shares during the period. Northern Trust Corp raised its holdings in Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after acquiring an additional 1,736,667 shares during the period. Norges Bank bought a new position in Salesforce in the 4th quarter worth $3,599,867,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Salesforce by 23.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock worth $2,988,422,000 after acquiring an additional 1,683,233 shares during the period. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Trading Down 1.4%

NYSE CRM traded down $4.12 during trading hours on Monday, hitting $287.03. The company's stock had a trading volume of 5,778,966 shares, compared to its average volume of 6,884,254. The stock has a fifty day moving average of $268.10 and a 200 day moving average of $307.21. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The firm has a market capitalization of $275.95 billion, a P/E ratio of 47.21, a PEG ratio of 2.58 and a beta of 1.42. 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 firm also recently disclosed 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 a positive change from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.59%. The ex-dividend date was Thursday, April 10th. Salesforce's dividend payout ratio is currently 26.10%.

Insider Transactions at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total value of $2,041,607.78. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at approximately $15,342,415. The trade was a 11.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian Millham sold 3,937 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $1,120,391.46. Following the sale, the chief executive officer now directly owns 5,518 shares in the company, valued at approximately $1,570,312.44. This represents a 41.64% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,527 shares of company stock worth $14,882,976. 3.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a report on Monday, April 21st. 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 cut their price objective on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Macquarie reaffirmed a "neutral" rating and set a $320.00 price objective on shares of Salesforce in a research report on Thursday, March 20th. Finally, Piper Sandler cut their price objective on shares of Salesforce from $400.00 to $315.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have issued a buy rating and five have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $352.62.

Salesforce Company 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.