NCM Capital Management LLC Takes $214,000 Position in Salesforce, Inc. (NYSE:CRM)

NCM Capital Management LLC bought a new position in shares of Salesforce, Inc. (NYSE:CRM) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 641 shares of the CRM provider’s stock, valued at approximately $214,000.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Salesforce in the fourth quarter worth approximately $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Salesforce by 926.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock worth $1,422,979,000 after purchasing an additional 3,841,521 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Salesforce in the fourth quarter valued at $1,173,564,000. Invesco Ltd. raised its stake in 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 buying an additional 2,325,156 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Salesforce by 18.3% during the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock worth $3,752,830,000 after acquiring an additional 1,736,667 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 1,909 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the sale, the chief accounting officer now owns 11,310 shares in the company, valued at approximately $3,218,599.80. This represents a 14.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R David Schmaier sold 6,959 shares of the business’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,306 shares of company stock valued at $12,841,368. 3.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group cut their target price on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Stifel Nicolaus lowered their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Morgan Stanley reduced their price target 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 dropped their price objective on Salesforce from $400.00 to $315.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Salesforce in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $352.62.

Salesforce Stock Performance

Salesforce stock opened at $287.64 on Wednesday. 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 firm’s fifty day moving average price is $268.48 and its 200 day moving average price is $307.02. The company has a market capitalization of $276.53 billion, a price-to-earnings ratio of 47.31, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00.

Salesforce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.58%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. Salesforce’s dividend payout ratio is presently 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.