CIBC Private Wealth Group LLC Sells 67,751 Shares of Salesforce, Inc. (NYSE:CRM)

CIBC Private Wealth Group LLC cut its holdings in Salesforce, Inc. (NYSE:CRM) by 3.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,865,635 shares of the CRM provider’s stock after selling 67,751 shares during the period. Salesforce comprises approximately 1.1% of CIBC Private Wealth Group LLC’s portfolio, making the stock its 12th biggest holding. CIBC Private Wealth Group LLC owned about 0.19% of Salesforce worth $609,876,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Foundations Investment Advisors LLC increased its stake in shares of Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after purchasing an additional 4,752 shares during the last quarter. Nabity Jensen Investment Management Inc purchased a new stake in Salesforce in the third quarter worth $1,215,000. Athena Investment Management bought a new stake in shares of Salesforce in the fourth quarter valued at $236,000. Highland Capital Management LLC bought a new position in shares of Salesforce during the 4th quarter worth $4,321,000. Finally, Geode Capital Management LLC increased its holdings in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after acquiring an additional 257,501 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $298,055.16. Following the transaction, the chief financial officer now owns 46,750 shares in the company, valued at $15,534,090. The trade was a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction of $167,970.00. Following the completion of the sale, the chief accounting officer now owns 6,557 shares of the company’s stock, valued at $2,202,758.58. This trade represents a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,660 shares of company stock valued at $14,095,336. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Stifel Nicolaus cut their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Stephens assumed coverage on shares of Salesforce in a report on Wednesday, March 19th. They issued an “equal weight” rating and a $311.00 price objective for the company. JPMorgan Chase & Co. lifted 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. KeyCorp upgraded 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. Finally, Barclays lifted their price target on Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $362.74.

Salesforce Stock Performance

Salesforce stock opened at $270.04 on Friday. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The firm has a market cap of $259.51 billion, a P/E ratio of 44.42, a P/E/G ratio of 2.58 and a beta of 1.35. 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 firm has a 50-day moving average of $309.39 and a 200-day moving average of $311.13.

Salesforce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be given a $0.42 dividend. 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 0.62%. The ex-dividend date is Thursday, April 10th. Salesforce’s dividend payout ratio (DPR) 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.