Salesforce, Inc. (NYSE:CRM) Position Reduced by Cornerstone Capital Inc.

Cornerstone Capital Inc. decreased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 7.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,579 shares of the CRM provider’s stock after selling 4,375 shares during the period. Salesforce comprises about 1.8% of Cornerstone Capital Inc.’s portfolio, making the stock its 24th largest holding. Cornerstone Capital Inc.’s holdings in Salesforce were worth $17,244,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CRM. M&T Bank Corp raised its stake in Salesforce by 5.5% in the 3rd quarter. M&T Bank Corp now owns 193,314 shares of the CRM provider’s stock worth $52,912,000 after purchasing an additional 10,084 shares in the last quarter. Invst LLC raised its position in shares of Salesforce by 4.2% in the 3rd quarter. Invst LLC now owns 17,003 shares of the CRM provider’s stock worth $4,654,000 after acquiring an additional 685 shares in the last quarter. Passumpsic Savings Bank increased its position in Salesforce by 1.2% in the 3rd quarter. Passumpsic Savings Bank now owns 7,332 shares of the CRM provider’s stock valued at $2,007,000 after buying an additional 87 shares in the last quarter. Anchor Investment Management LLC increased its position in shares of Salesforce by 15.7% during the third quarter. Anchor Investment Management LLC now owns 4,290 shares of the CRM provider’s stock worth $1,174,000 after acquiring an additional 581 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co grew its stake in shares of Salesforce by 14.0% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 7,047 shares of the CRM provider’s stock worth $1,930,000 after acquiring an additional 866 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Insider Activity at Salesforce

In other Salesforce news, insider R David Schmaier sold 6,959 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The shares were 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 owns 36,090 shares in the company, valued at approximately $9,141,957.90. This trade represents a 16.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,654 shares of company stock valued at $14,124,094 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 target price on shares of Salesforce in a research note on Thursday, February 27th. Robert W. Baird decreased their target price on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Macquarie reaffirmed a “neutral” rating and set a $320.00 target price on shares of Salesforce in a research note on Thursday, March 20th. 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 report on Thursday, February 27th. Finally, Wells Fargo & Company cut their price objective on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty have issued a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $360.32.

Salesforce Trading Down 1.2 %

CRM opened at $246.93 on Friday. The company’s 50 day moving average is $281.23 and its 200-day moving average is $309.39. The company has a market cap of $237.30 billion, a P/E ratio of 40.61, a PEG ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.68%. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is 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.