Assenagon Asset Management S.A. Decreases Stock Position in Salesforce, Inc. (NYSE:CRM)

Assenagon Asset Management S.A. lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 24.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 246,703 shares of the CRM provider’s stock after selling 80,455 shares during the period. Assenagon Asset Management S.A.’s holdings in Salesforce were worth $82,480,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Infrastructure Capital Advisors LLC purchased a new stake in Salesforce in the third quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL bought a new position in Salesforce in the second quarter worth approximately $33,000. Godsey & Gibb Inc. boosted its stake in shares of Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares during the last quarter. Annapolis Financial Services LLC lifted its position in Salesforce by 135.6% during the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock valued at $38,000 after purchasing an additional 80 shares in the last quarter. Finally, FSA Wealth Management LLC purchased a new position in shares of Salesforce during the 3rd quarter valued at about $53,000. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $321.01 on Thursday. The firm’s 50 day simple moving average is $336.76 and its 200-day simple moving average is $290.66. 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 one year low of $212.00 and a one year high of $369.00. The firm has a market cap of $307.21 billion, a PE ratio of 52.80, a price-to-earnings-growth ratio of 3.20 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter in the previous year, the business earned $1.62 earnings per share. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, equities analysts predict that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s payout ratio is 26.32%.

Insider Buying and Selling at Salesforce

In related news, Director G Mason Morfit sold 722,300 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the sale, the director now owns 3,192,009 shares of the company’s stock, valued at $1,104,786,234.99. This trade represents a 18.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,177,617 shares of company stock valued at $403,542,975. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the topic of several analyst reports. KeyCorp raised shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price target on the stock in a report on Friday, December 13th. Robert W. Baird upped their target price on shares of Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Scotiabank raised their price target on Salesforce from $425.00 to $440.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Macquarie reaffirmed a “neutral” rating and issued a $370.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. Finally, Needham & Company LLC lifted their target price on Salesforce from $375.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $376.05.

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.