Foxhaven Asset Management LP Invests $80.72 Million in Salesforce, Inc. (NYSE:CRM)

Foxhaven Asset Management LP acquired a new stake in shares of Salesforce, Inc. (NYSE:CRM) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 241,450 shares of the CRM provider’s stock, valued at approximately $80,724,000. Salesforce comprises 2.2% of Foxhaven Asset Management LP’s portfolio, making the stock its 16th biggest holding.

Other large investors have also made changes to their positions in the company. Regent Peak Wealth Advisors LLC increased its stake in shares of Salesforce by 3.6% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 2,447 shares of the CRM provider’s stock worth $818,000 after purchasing an additional 84 shares in the last quarter. Fortitude Family Office LLC increased its stake in Salesforce by 2.2% in the 4th quarter. Fortitude Family Office LLC now owns 2,603 shares of the CRM provider’s stock worth $870,000 after buying an additional 55 shares in the last quarter. Baker Tilly Wealth Management LLC raised its holdings in Salesforce by 5.2% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 4,201 shares of the CRM provider’s stock valued at $1,405,000 after acquiring an additional 208 shares during the period. ORG Partners LLC lifted its position in shares of Salesforce by 5.4% in the fourth quarter. ORG Partners LLC now owns 3,692 shares of the CRM provider’s stock valued at $1,235,000 after acquiring an additional 189 shares in the last quarter. Finally, ST Germain D J Co. Inc. boosted its stake in shares of Salesforce by 0.3% in the fourth quarter. ST Germain D J Co. Inc. now owns 22,676 shares of the CRM provider’s stock worth $7,581,000 after acquiring an additional 57 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

Salesforce stock opened at $275.38 on Friday. 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 has a market capitalization of $264.75 billion, a PE ratio of 45.29, a P/E/G ratio of 2.58 and a beta of 1.42. The company has a 50 day moving average price of $267.33 and a 200-day moving average price of $307.06. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, April 10th. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 0.61%. Salesforce’s payout ratio is 26.10%.

Analyst Ratings Changes

Several research firms have recently issued reports on CRM. Macquarie reiterated a “neutral” rating and set a $320.00 price objective on shares of Salesforce in a research report on Thursday, March 20th. Stifel Nicolaus reduced their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. TD Cowen upgraded Salesforce from a “hold” rating to a “buy” rating and raised their price objective for the company from $380.00 to $400.00 in a research report on Friday, January 17th. Robert W. Baird reduced their target price on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Finally, DA Davidson restated an “underperform” rating and set a $200.00 price target on shares of Salesforce in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have assigned a buy rating and five have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $350.56.

Insider Transactions at Salesforce

In other Salesforce news, Director Robin L. Washington acquired 1,695 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the completion of the purchase, the director now owns 43,445 shares in the company, valued at approximately $12,799,331.45. This trade represents a 4.06 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 500 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $275.00, for a total transaction 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,830 shares of company stock valued at $12,907,361. 3.20% of the stock is currently owned by corporate insiders.

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.