Pictet Asset Management Holding SA Trims Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Pictet Asset Management Holding SA cut its position in Salesforce, Inc. (NYSE:CRM) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,605,625 shares of the CRM provider’s stock after selling 113,765 shares during the quarter. Salesforce accounts for about 1.3% of Pictet Asset Management Holding SA’s holdings, making the stock its 8th biggest holding. Pictet Asset Management Holding SA owned about 0.38% of Salesforce worth $1,205,469,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Infrastructure Capital Advisors LLC bought a new position in Salesforce in the 3rd quarter valued at approximately $27,000. Arlington Trust Co LLC raised its stake in shares of Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after acquiring an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new position in shares of Salesforce during the fourth quarter valued at $30,000. Asset Planning Inc acquired a new position in shares of Salesforce during the fourth quarter worth $31,000. Finally, Collier Financial bought a new stake in shares of Salesforce in the fourth quarter worth $32,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Performance

Shares of Salesforce stock opened at $277.88 on Friday. The business’s fifty day simple moving average is $310.49 and its 200 day simple moving average is $310.51. 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 12 month low of $212.00 and a 12 month high of $369.00. The firm has a market capitalization of $267.04 billion, a P/E ratio of 45.70, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

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 dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.60%. This is a boost from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is presently 25.16%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CRM. Loop Capital cut 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. Jefferies Financial Group lifted their price objective on Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Robert W. Baird reduced their target price on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Scotiabank lowered their price target 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. Finally, JPMorgan Chase & Co. upped their price objective on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $362.74.

Insider Buying and Selling

In related news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total value of $2,052,183.48. Following the sale, the chief financial officer now owns 45,861 shares of the company’s stock, valued at approximately $15,128,626.68. The trade was a 11.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Millham sold 3,937 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $1,120,391.46. Following the transaction, the chief executive officer now directly owns 5,518 shares of the company’s stock, valued at approximately $1,570,312.44. This trade represents a 41.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,660 shares of company stock valued at $14,095,336. 3.20% of the stock is owned by insiders.

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.