Formidable Asset Management LLC Sells 105 Shares of Salesforce, Inc. (NYSE:CRM)

Formidable Asset Management LLC lessened its position in Salesforce, Inc. (NYSE:CRM) by 3.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 3,229 shares of the CRM provider’s stock after selling 105 shares during the period. Formidable Asset Management LLC’s holdings in Salesforce were worth $1,080,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Foundations Investment Advisors LLC boosted its position in shares of 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 buying an additional 4,752 shares during the period. Athena Investment Management purchased a new position in Salesforce during the 4th quarter valued at $236,000. Highland Capital Management LLC bought a new position in Salesforce in the 4th quarter valued at $4,321,000. Jag Capital Management LLC grew its position in Salesforce by 2,507.9% in the 4th 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 during the last quarter. Finally, Lecap Asset Management Ltd. purchased a new stake in Salesforce in the fourth quarter worth $2,861,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Down 3.7%

CRM stock opened at $273.05 on Friday. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. 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 firm’s fifty day moving average is $268.46 and its 200 day moving average is $306.58. The firm has a market cap of $262.51 billion, a PE ratio of 44.91, a P/E/G ratio of 2.58 and a beta of 1.42.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were paid a dividend of $0.42 per share. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce’s dividend payout ratio is presently 26.10%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CRM shares. Piper Sandler lowered their target price on shares of Salesforce from $400.00 to $315.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Loop Capital dropped their target price on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a research note on Thursday, February 27th. Mizuho decreased their price target on shares of Salesforce from $425.00 to $380.00 and set an “outperform” rating for the company in a research note on Thursday, May 15th. Macquarie reiterated a “neutral” rating and issued a $320.00 price target on shares of Salesforce in a report on Thursday, March 20th. Finally, Westpark Capital restated a “buy” rating and set a $320.00 price objective on shares of Salesforce in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $351.59.

Insider Activity

In other news, insider Srinivas Tallapragada sold 6,697 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the transaction, the insider now directly owns 41,422 shares of the company’s stock, valued at $12,219,490. This represents a 13.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Miguel Milano sold 705 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the transaction, the insider now owns 9,323 shares in the company, valued at $2,605,219.12. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,011 shares of company stock worth $13,038,373 in the last ninety days. Company insiders own 3.20% of the company’s stock.

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.