Franklin Resources Inc. Has $1.87 Billion Stake in Salesforce, Inc. (NYSE:CRM)

Franklin Resources Inc. raised its position in Salesforce, Inc. (NYSE:CRM) by 27.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,598,423 shares of the CRM provider’s stock after acquiring an additional 1,204,355 shares during the quarter. Franklin Resources Inc. owned approximately 0.58% of Salesforce worth $1,871,721,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp boosted its stake 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 acquiring an additional 864,193 shares during the period. Geode Capital Management LLC increased its stake in Salesforce by 1.3% during 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 period. Fisher Asset Management LLC lifted its position in shares of Salesforce by 1.4% during the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock valued at $4,163,703,000 after acquiring an additional 177,321 shares during the period. Norges Bank acquired a new stake in shares of Salesforce during the 4th quarter worth $3,599,867,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Salesforce by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,066,354 shares of the CRM provider’s stock valued at $2,028,164,000 after purchasing an additional 153,500 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of research analyst reports. TD Cowen upgraded Salesforce from a “hold” rating to a “buy” rating and lifted their price target for the company from $380.00 to $400.00 in a research note on Friday, January 17th. Jefferies Financial Group upped their target price on Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Wells Fargo & Company cut their price target on Salesforce from $345.00 to $310.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Bank of America lowered their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a research report on Thursday, February 27th. One 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 given a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $362.74.

Salesforce Stock Down 2.8 %

CRM opened at $270.04 on Monday. The company’s 50-day moving average price is $309.39 and its two-hundred day moving average price is $311.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The stock has a market cap of $259.51 billion, a price-to-earnings ratio of 44.42, a PEG ratio of 2.58 and a beta of 1.35.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Investors 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 0.62%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 10th. Salesforce’s payout ratio is presently 26.10%.

Insider Activity

In other news, insider Parker Harris sold 652 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $216,646.56. Following the transaction, the insider now owns 121,467 shares of the company’s stock, valued at approximately $40,361,054.76. This represents a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider R David Schmaier sold 1,785 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $8,416,644.60. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,660 shares of company stock worth $14,095,336. 3.20% of the stock is owned by company insiders.

Salesforce 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.