Salesforce, Inc. (NYSE:CRM) Stock Position Reduced by Starboard Value LP

Starboard Value LP trimmed its stake in shares of Salesforce, Inc. (NYSE:CRM) by 61.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 559,264 shares of the CRM provider’s stock after selling 882,584 shares during the quarter. Salesforce comprises 3.4% of Starboard Value LP’s portfolio, making the stock its 15th largest position. Starboard Value LP owned approximately 0.06% of Salesforce worth $186,979,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CRM. Regent Peak Wealth Advisors LLC increased its position in shares of Salesforce by 3.6% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 2,447 shares of the CRM provider’s stock valued at $818,000 after purchasing an additional 84 shares during the period. Tallon Kerry Patrick bought a new stake in shares of Salesforce in the 4th quarter worth $236,000. Cypress Wealth Services LLC bought a new stake in shares of Salesforce in the 4th quarter worth $248,000. Goldstone Financial Group LLC bought a new stake in shares of Salesforce in the 4th quarter worth $253,000. Finally, Chemistry Wealth Management LLC raised its stake in shares of Salesforce by 2.1% in the 4th quarter. Chemistry Wealth Management LLC now owns 5,055 shares of the CRM provider’s stock worth $1,690,000 after buying an additional 103 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Salesforce news, insider Srinivas Tallapragada sold 6,697 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the sale, the insider now directly owns 41,422 shares of the company’s stock, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 sale, the insider now directly owns 36,090 shares of the company’s stock, valued at $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. Insiders have sold 52,527 shares of company stock worth $14,882,976 in the last quarter. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRM. Loop Capital decreased their target price on Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Cantor Fitzgerald started coverage on Salesforce in a report on Wednesday, April 23rd. They issued an “overweight” rating and a $210.00 target price on the stock. Canaccord Genuity Group lowered their price target on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Citigroup reiterated a “buy” rating on shares of Salesforce in a report on Wednesday, March 19th. Finally, DA Davidson reiterated an “underperform” rating and set a $200.00 price target on shares of Salesforce in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have issued a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $352.62.

Salesforce Price Performance

Shares of NYSE CRM opened at $291.00 on Friday. The firm’s 50-day moving average price is $268.10 and its 200-day moving average price is $307.10. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The firm has a market capitalization of $279.76 billion, a P/E ratio of 47.86, a P/E/G ratio of 2.58 and a beta of 1.42. 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Stockholders 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 represents a $1.68 annualized dividend and a dividend yield of 0.58%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio is currently 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.