Cinctive Capital Management LP Boosts Position in Salesforce, Inc. (NYSE:CRM)

Cinctive Capital Management LP grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 146.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,421 shares of the CRM provider’s stock after buying an additional 11,553 shares during the quarter. Cinctive Capital Management LP’s holdings in Salesforce were worth $6,493,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Huntington National Bank grew its stake in Salesforce by 76.8% during the 4th quarter. Huntington National Bank now owns 193,561 shares of the CRM provider’s stock valued at $64,713,000 after purchasing an additional 84,064 shares in the last quarter. Private Portfolio Partners LLC grew its position in shares of Salesforce by 4.3% during the fourth quarter. Private Portfolio Partners LLC now owns 1,688 shares of the CRM provider’s stock worth $564,000 after buying an additional 69 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Salesforce by 10.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,593,295 shares of the CRM provider’s stock worth $2,204,336,000 after buying an additional 628,593 shares in the last quarter. RFG Bristol Wealth Advisors LLC bought a new stake in shares of Salesforce in the fourth quarter worth $716,000. Finally, Meeder Advisory Services Inc. boosted its stake in Salesforce by 7.7% during the 4th quarter. Meeder Advisory Services Inc. now owns 17,167 shares of the CRM provider’s stock valued at $5,739,000 after acquiring an additional 1,232 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on 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 sale, the chief financial officer now owns 45,861 shares in the company, valued at $15,128,626.68. The trade was a 11.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This represents a 5.82 % 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 in the last 90 days. 3.20% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have weighed in on CRM shares. Morgan Stanley boosted their target price on shares of Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Bank of America dropped their price target on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group boosted their price objective on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Macquarie reaffirmed a “neutral” rating and issued a $320.00 target price on shares of Salesforce in a research report on Thursday, March 20th. Finally, Royal Bank of Canada raised their target price on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $361.42.

Salesforce Stock Performance

NYSE:CRM opened at $270.18 on Wednesday. The firm has a market capitalization of $259.64 billion, a PE ratio of 44.44, a PEG 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 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’s fifty day simple moving average is $307.13 and its 200 day simple moving average is $311.78.

Salesforce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend is Thursday, April 10th. This is a boost from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is currently 26.10%.

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.