Nellore Capital Management LLC Has $35.79 Million Position in Salesforce, Inc. (NYSE:CRM)

Nellore Capital Management LLC cut its stake in Salesforce, Inc. (NYSE:CRM) by 53.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 107,062 shares of the CRM provider’s stock after selling 121,377 shares during the quarter. Salesforce makes up about 4.7% of Nellore Capital Management LLC’s portfolio, making the stock its 9th largest position. Nellore Capital Management LLC’s holdings in Salesforce were worth $35,794,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRM. Bernard Wealth Management Corp. bought a new position in shares of Salesforce in the 4th quarter worth $25,000. Accredited Wealth Management LLC purchased a new position in shares of Salesforce during the 4th quarter valued at about $27,000. Arlington Trust Co LLC boosted its stake in shares of Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. Compass Financial Services Inc bought a new stake in shares of Salesforce in the 4th quarter valued at about $30,000. Finally, Asset Planning Inc bought a new position in shares of Salesforce in the fourth quarter worth approximately $31,000. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRM. Oppenheimer reduced their price objective on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Scotiabank decreased their target price on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a report on Monday, March 17th. Robert W. Baird cut their price target on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Wells Fargo & Company lowered their price objective on Salesforce from $310.00 to $255.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 22nd. Finally, BMO Capital Markets restated an “outperform” rating on shares of Salesforce in a research note on Wednesday, March 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have given a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average price target of $350.56.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $289.18 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $278.01 billion, a price-to-earnings ratio of 47.56, a PEG 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. The firm’s 50-day moving average is $267.33 and its 200 day moving average is $307.23.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were paid a dividend of $0.42 per share. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date was Thursday, April 10th. Salesforce’s dividend payout ratio (DPR) is currently 26.10%.

Insider Buying and Selling at Salesforce

In related news, insider R David Schmaier sold 6,959 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The stock was 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 owns 36,090 shares in the company, valued at approximately $9,141,957.90. The trade was a 16.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 1,909 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $543,263.22. Following the transaction, the chief accounting officer now owns 11,310 shares in the company, valued at $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,830 shares of company stock valued at $12,907,361 in the last quarter. 3.20% of the stock is owned by insiders.

Salesforce Company 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.