Salesforce, Inc. (NYSE:CRM) Position Cut by Summit Financial LLC

Summit Financial LLC lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 2.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 18,699 shares of the CRM provider’s stock after selling 521 shares during the period. Summit Financial LLC’s holdings in Salesforce were worth $6,259,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Foundations Investment Advisors LLC grew its position in Salesforce by 15.0% in 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 acquired a new position in shares of Salesforce during the third quarter worth approximately $1,215,000. Athena Investment Management bought a new position in Salesforce in the 4th quarter worth approximately $236,000. Highland Capital Management LLC acquired a new stake in Salesforce in the 4th quarter valued at approximately $4,321,000. Finally, Geode Capital Management LLC raised 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 valued at $5,395,132,000 after acquiring an additional 257,501 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Ratings Changes

CRM has been the topic of a number of research analyst reports. Robert W. Baird lowered their price target on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. BMO Capital Markets reissued an “outperform” rating on shares of Salesforce in a research note on Wednesday, March 19th. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and upped their price target for the stock from $380.00 to $400.00 in a research note on Friday, January 17th. Redburn Atlantic assumed coverage on shares of Salesforce in a research note on Wednesday, February 19th. They set a “buy” rating on the stock. Finally, Barclays upped their target price on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. One equities research 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Trading Down 2.8 %

Shares of NYSE:CRM opened at $270.04 on Monday. 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 stock has a market capitalization of $259.51 billion, a PE ratio of 44.42, a P/E/G ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The firm has a fifty day moving average price of $309.39 and a 200 day moving average price of $311.57.

Salesforce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be issued a $0.42 dividend. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend is Thursday, April 10th. Salesforce’s payout ratio is 26.10%.

Insiders Place Their Bets

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the completion of the sale, the chief financial officer now directly owns 45,861 shares in the company, valued at $15,128,626.68. This represents a 11.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R David Schmaier sold 1,785 shares of Salesforce stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total value of $514,686.90. Following the completion of the transaction, the insider now owns 29,190 shares in the company, valued at $8,416,644.60. The trade was 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 90 days. 3.20% of the stock is currently owned by company insiders.

Salesforce Company 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.