Geode Capital Management LLC Has $6.66 Billion Holdings in Salesforce, Inc. (NYSE:CRM)

Geode Capital Management LLC increased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 0.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 19,955,353 shares of the CRM provider’s stock after acquiring an additional 175,035 shares during the period. Salesforce accounts for about 0.5% of Geode Capital Management LLC’s holdings, making the stock its 23rd largest position. Geode Capital Management LLC owned about 2.09% of Salesforce worth $6,656,078,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Norges Bank bought a new position in Salesforce in the 4th quarter worth $3,599,867,000. Raymond James Financial Inc. acquired a new stake in shares of Salesforce in the fourth quarter valued at about $1,173,564,000. Jennison Associates LLC increased its stake in shares of Salesforce by 52.7% in the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock worth $1,482,347,000 after purchasing an additional 1,530,572 shares during the period. Swedbank AB lifted its position in shares of Salesforce by 46.7% during the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock worth $1,280,408,000 after purchasing an additional 1,219,254 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Salesforce by 27.4% during the 4th quarter. Franklin Resources Inc. now owns 5,598,423 shares of the CRM provider’s stock valued at $1,871,721,000 after purchasing an additional 1,204,355 shares during the period. 80.43% of the stock is owned by institutional investors.

Salesforce Stock Performance

Shares of Salesforce stock opened at $268.05 on Tuesday. The firm has a 50 day simple moving average of $308.26 and a 200 day simple moving average of $311.67. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $257.60 billion, a P/E ratio of 44.09, a P/E/G ratio of 2.58 and a beta of 1.35.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.63%. This is an increase from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is presently 26.10%.

Analysts Set New Price Targets

A number of research analysts have recently commented on CRM shares. TD Cowen upgraded 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 report on Friday, January 17th. JMP Securities reiterated a “market outperform” rating and set a $450.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Jefferies Financial Group reduced their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Monday. Stifel Nicolaus cut their price objective 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. Finally, Wells Fargo & Company reduced their target price on shares of Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $361.42.

Insider Transactions at Salesforce

In other Salesforce news, insider R David Schmaier sold 1,785 shares of the company’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $288.34, for a total transaction of $514,686.90. Following the transaction, the insider now directly owns 29,190 shares in the company, valued at approximately $8,416,644.60. This represents a 5.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the firm’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 transaction, the chief financial officer now directly owns 45,861 shares in the company, valued at $15,128,626.68. This trade represents a 11.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,660 shares of company stock worth $14,095,336 over the last 90 days. 3.20% of the stock is owned by 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.