Salesforce, Inc. (NYSE:CRM) Shares Sold by Kerrisdale Advisers LLC

Kerrisdale Advisers LLC decreased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 30.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 11,106 shares of the CRM provider’s stock after selling 4,935 shares during the period. Salesforce makes up approximately 1.3% of Kerrisdale Advisers LLC’s investment portfolio, making the stock its 20th largest holding. Kerrisdale Advisers LLC’s holdings in Salesforce were worth $3,713,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Salesforce during the 4th quarter worth about $3,599,867,000. Raymond James Financial Inc. acquired a new position in shares of Salesforce during the 4th quarter worth about $1,173,564,000. Invesco Ltd. lifted its stake in Salesforce by 42.5% in the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock valued at $2,604,770,000 after buying an additional 2,325,156 shares in the last quarter. Price T Rowe Associates Inc. MD boosted 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 buying an additional 1,683,233 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Salesforce by 52.7% during the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock valued at $1,482,347,000 after acquiring an additional 1,530,572 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction 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. This trade represents a 7.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $2,089,882.74. Following the completion of the transaction, the chief financial officer now owns 46,750 shares in the company, valued at approximately $15,705,195. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,961 shares of company stock worth $13,229,264. 3.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in 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 research report on Thursday, February 27th. Guggenheim raised shares of Salesforce from a “sell” rating to a “neutral” rating in a research report on Monday. Jefferies Financial Group reduced their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Piper Sandler dropped their price target on shares of Salesforce from $400.00 to $315.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Macquarie restated a “neutral” rating and issued a $320.00 price objective on shares of Salesforce in a report on Thursday, March 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $355.19.

Salesforce Stock Performance

Shares of CRM opened at $250.57 on Thursday. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The stock has a market cap of $240.79 billion, a P/E ratio of 41.21, a PEG ratio of 2.58 and a beta of 1.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $276.19 and a two-hundred day moving average of $308.58.

Salesforce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a yield of 0.67%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio is presently 26.10%.

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.