Broderick Brian C Invests $2.26 Million in Salesforce, Inc. (NYSE:CRM)

by · The Cerbat Gem

Broderick Brian C purchased a new position in shares of Salesforce, Inc. (NYSE:CRM – Free Report) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 6,764 shares of the CRM provider’s stock, valued at approximately $2,261,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. United Bank raised its holdings in shares of Salesforce by 1.1% during the third quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after purchasing an additional 76 shares during the period. Royal London Asset Management Ltd. lifted its holdings in Salesforce by 40.0% in the third quarter. Royal London Asset Management Ltd. now owns 564,917 shares of the CRM provider’s stock worth $154,623,000 after acquiring an additional 161,373 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Salesforce by 22.3% in the third quarter. Quantinno Capital Management LP now owns 85,853 shares of the CRM provider’s stock valued at $23,499,000 after acquiring an additional 15,675 shares during the period. Stevens Capital Management LP bought a new position in shares of Salesforce during the third quarter valued at approximately $5,654,000. Finally, State Street Corp raised its position in shares of Salesforce by 1.8% during the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after purchasing an additional 864,193 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. KeyCorp raised Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a research report on Friday, December 13th. DA Davidson reduced their target price on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Oppenheimer cut their price target on Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Macquarie reissued a “neutral” rating and issued a $320.00 price objective on shares of Salesforce in a report on Thursday, March 20th. Finally, Scotiabank reduced their price target on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $361.42.

Get Our Latest Stock Report on CRM

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider R David Schmaier sold 1,785 shares of Salesforce stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $288.34, for a total value of $514,686.90. Following the completion of the sale, the insider now directly owns 29,190 shares of the company’s stock, valued at $8,416,644.60. This trade represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,660 shares of company stock valued at $14,095,336 over the last ninety days. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

NYSE:CRM opened at $255.06 on Friday. The stock has a market capitalization of $245.11 billion, a P/E ratio of 41.95, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. 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, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The firm has a 50 day moving average of $304.32 and a 200-day moving average of $311.11.

Salesforce Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Thursday, April 10th. 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 0.66%. Salesforce’s dividend payout ratio (DPR) is 26.10%.

Salesforce Profile

(Free Report)

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.

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