Jasper Ridge Partners L.P. Sells 2,209 Shares of Salesforce, Inc. (NYSE:CRM)

Jasper Ridge Partners L.P. reduced its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 51,894 shares of the CRM provider’s stock after selling 2,209 shares during the period. Salesforce comprises 0.5% of Jasper Ridge Partners L.P.’s portfolio, making the stock its 23rd biggest position. Jasper Ridge Partners L.P.’s holdings in Salesforce were worth $17,350,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CRM. Norges Bank purchased a new stake in shares of Salesforce in the fourth quarter valued at approximately $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Salesforce by 926.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock valued at $1,422,979,000 after purchasing an additional 3,841,521 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Salesforce during the 4th quarter worth $1,173,564,000. Invesco Ltd. grew its position in shares of Salesforce by 42.5% during the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock worth $2,604,770,000 after buying an additional 2,325,156 shares in the last quarter. Finally, Northern Trust Corp raised 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 valued at $3,752,830,000 after acquiring an additional 1,736,667 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

CRM has been the subject of a number of recent research reports. Morgan Stanley reduced their price objective on shares of Salesforce from $405.00 to $393.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. TD Cowen upgraded Salesforce from a “hold” rating to a “buy” rating and upped their price objective for the stock from $380.00 to $400.00 in a research note on Friday, January 17th. Scotiabank cut their target price on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. Cantor Fitzgerald assumed coverage on shares of Salesforce in a research report on Wednesday, April 23rd. They set an “overweight” rating and a $210.00 price target for the company. Finally, Loop Capital cut their price objective on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $350.56.

Salesforce Trading Down 1.6 %

Shares of 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. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The firm has a 50-day simple moving average of $267.33 and a two-hundred day simple moving average of $307.22. The company 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Shareholders 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 0.61%. The ex-dividend date was Thursday, April 10th. Salesforce’s dividend payout ratio (DPR) is presently 26.10%.

Insider Transactions at Salesforce

In other Salesforce news, insider Miguel Milano sold 458 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $307.97, for a total transaction of $141,050.26. Following the completion of the sale, the insider now directly owns 5,864 shares in the company, valued at approximately $1,805,936.08. The trade was a 7.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R David Schmaier sold 6,959 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the completion of the transaction, the insider now owns 36,090 shares in the company, valued at approximately $9,141,957.90. This trade represents a 16.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,830 shares of company stock valued at $12,907,361 in the last three months. 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.