TCW Group Inc. boosted its stake in Salesforce Inc. (NYSE:CRM – Free Report) by 6.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 301,608 shares of the CRM provider’s stock after purchasing an additional 18,642 shares during the quarter. TCW Group Inc.’s holdings in Salesforce were worth $80,940,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in CRM. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings 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 buying an additional 3,841,521 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Salesforce by 30,456.9% during the 1st quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider’s stock valued at $1,020,194,000 after acquiring an additional 3,789,147 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Salesforce by 42.5% in the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock valued at $2,604,770,000 after purchasing an additional 2,325,156 shares in the last quarter. Northern Trust Corp raised its stake in Salesforce by 18.3% during 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 purchasing an additional 1,736,667 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Salesforce by 1,744.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,820,262 shares of the CRM provider’s stock worth $488,486,000 after buying an additional 1,721,550 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.
Salesforce Stock Performance
CRM opened at $269.11 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The firm has a 50 day moving average of $268.07 and a two-hundred day moving average of $283.98. The firm has a market capitalization of $257.27 billion, a PE ratio of 42.11, a P/E/G ratio of 2.44 and a beta of 1.36.
Salesforce Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were issued a dividend of $0.416 per share. This represents a $1.66 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date was Wednesday, June 18th. Salesforce’s dividend payout ratio (DPR) is presently 25.98%.
Insider Buying and Selling
In related news, CEO Marc Benioff sold 2,250 shares of the business’s stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $266.56, for a total value of $599,760.00. Following the completion of the sale, the chief executive officer owned 11,911,571 shares of the company’s stock, valued at approximately $3,175,148,365.76. The trade was a 0.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 33,479 shares of company stock worth $9,091,796 in the last quarter. 3.20% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on CRM shares. The Goldman Sachs Group boosted their price objective on Salesforce from $340.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, May 29th. UBS Group set a $404.00 price target on Salesforce and gave the stock an “overweight” rating in a research report on Wednesday, June 18th. Jefferies Financial Group dropped their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Northland Securities reduced their target price on shares of Salesforce from $423.00 to $396.00 and set an “outperform” rating on the stock in a research note on Thursday, May 29th. Finally, Needham & Company LLC restated a “buy” rating and issued a $400.00 target price on shares of Salesforce in a report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $348.16.
Check Out Our Latest Stock Report on Salesforce
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.
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