Salesforce, Inc. (NYSE:CRM) Shares Acquired by Investment Management Corp of Ontario

Investment Management Corp of Ontario lifted its stake in Salesforce, Inc. (NYSE:CRM) by 6.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,238 shares of the CRM provider’s stock after purchasing an additional 2,890 shares during the period. Salesforce makes up 0.5% of Investment Management Corp of Ontario’s investment portfolio, making the stock its 28th largest holding. Investment Management Corp of Ontario’s holdings in Salesforce were worth $16,127,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in Salesforce by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider’s stock valued at $6,656,078,000 after purchasing an additional 175,035 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Salesforce by 1.4% in the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock valued at $4,163,703,000 after buying an additional 177,321 shares in the last quarter. Northern Trust Corp increased its position 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 buying an additional 1,736,667 shares in the last quarter. Norges Bank acquired a new position in shares of Salesforce during the 4th quarter worth $3,599,867,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Salesforce by 23.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider’s stock worth $2,988,422,000 after buying an additional 1,683,233 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

NYSE:CRM opened at $275.38 on Friday. The firm has a 50-day moving average of $267.33 and a two-hundred day moving average of $307.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $264.75 billion, a P/E ratio of 45.29, a PEG ratio of 2.58 and a beta of 1.42. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00.

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 dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, April 10th. This is an increase from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.61%. Salesforce’s payout ratio is currently 26.10%.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 1,909 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $543,263.22. Following the sale, the chief accounting officer now directly owns 11,310 shares of the company’s stock, valued at approximately $3,218,599.80. This represents a 14.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider R David Schmaier sold 6,959 shares of Salesforce stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the transaction, the insider now directly owns 36,090 shares of the company’s stock, valued at approximately $9,141,957.90. This represents a 16.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,830 shares of company stock valued at $12,907,361 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CRM shares. Morgan Stanley cut their target price on shares of Salesforce from $405.00 to $393.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Piper Sandler reduced their target price on Salesforce from $400.00 to $315.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company lowered their target price on Salesforce from $310.00 to $255.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 22nd. TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and boosted their price target for the stock from $380.00 to $400.00 in a report on Friday, January 17th. Finally, Jefferies Financial Group decreased their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have assigned a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $350.56.

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.