Pathstone Holdings LLC Raises Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Pathstone Holdings LLC raised its position in shares of Salesforce, Inc. (NYSE:CRM) by 1.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 111,697 shares of the CRM provider’s stock after purchasing an additional 1,479 shares during the period. Pathstone Holdings LLC’s holdings in Salesforce were worth $37,340,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CRM. Foundations Investment Advisors LLC raised its holdings in Salesforce by 15.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after acquiring an additional 4,752 shares during the period. Athena Investment Management bought a new stake in shares of Salesforce during the fourth quarter valued at approximately $236,000. Highland Capital Management LLC purchased a new position in shares of Salesforce in the fourth quarter worth $4,321,000. Jag Capital Management LLC grew its stake in Salesforce by 2,507.9% during the fourth quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider’s stock valued at $7,926,000 after acquiring an additional 22,797 shares in the last quarter. Finally, Lecap Asset Management Ltd. bought a new position in Salesforce during the fourth quarter valued at approximately $2,861,000. Institutional investors own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 1,909 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $543,263.22. Following the transaction, the chief accounting officer now directly owns 11,310 shares of the company’s stock, valued at approximately $3,218,599.80. This trade represents a 14.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Miguel Milano sold 458 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the transaction, the insider now owns 5,864 shares in the company, valued at $1,805,936.08. The trade was a 7.24% decrease in their ownership of the stock. 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 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on CRM. Wells Fargo & Company dropped their target price on Salesforce from $310.00 to $255.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 22nd. Citigroup reissued a “buy” rating on shares of Salesforce in a research note on Wednesday, March 19th. DA Davidson reissued an “underperform” rating and set a $200.00 price target on shares of Salesforce in a research report on Monday, April 21st. Cantor Fitzgerald initiated coverage on shares of Salesforce in a report on Wednesday, April 23rd. They set an “overweight” rating and a $210.00 target price on the stock. Finally, Stifel Nicolaus cut 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 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 given a strong buy rating to the company. According to MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $350.56.

Salesforce Stock Up 0.1%

Shares of CRM stock opened at $289.18 on Wednesday. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The company has a 50 day simple moving average of $267.33 and a two-hundred day simple moving average of $307.23. The stock has a market cap of $278.01 billion, a P/E ratio of 47.56, a P/E/G ratio of 2.58 and a beta of 1.42. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were paid a dividend of $0.42 per share. The ex-dividend date was Thursday, April 10th. This is an increase from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.58%. Salesforce’s payout ratio is 26.10%.

About Salesforce

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.