Atika Capital Management LLC Invests $6.49 Million in Salesforce, Inc. (NYSE:CRM)

Atika Capital Management LLC acquired a new position in Salesforce, Inc. (NYSE:CRM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 19,400 shares of the CRM provider’s stock, valued at approximately $6,486,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CRM. Arlington Trust Co LLC boosted its holdings in Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares during the period. Compass Financial Services Inc bought a new stake in Salesforce during the fourth quarter valued at $30,000. Asset Planning Inc purchased a new position in Salesforce during the fourth quarter worth about $31,000. Collier Financial purchased a new position in Salesforce during the fourth quarter worth about $32,000. Finally, Halbert Hargrove Global Advisors LLC bought a new position in Salesforce in the 4th quarter worth about $35,000. Institutional investors own 80.43% of the company’s stock.

Insiders Place Their Bets

In other 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 value of $2,052,183.48. Following the sale, the chief financial officer now directly owns 45,861 shares of the company’s stock, valued at $15,128,626.68. This represents a 11.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $167,970.00. Following the transaction, the chief accounting officer now directly owns 6,557 shares of the company’s stock, valued at approximately $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. In the last quarter, insiders have sold 45,660 shares of company stock worth $14,095,336. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CRM. Redburn Atlantic initiated coverage on Salesforce in a report on Wednesday, February 19th. They set a “buy” rating for the company. JMP Securities reissued a “market outperform” rating and issued a $450.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. Needham & Company LLC restated a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research report on Thursday, February 27th. Stephens started coverage on shares of Salesforce in a research report on Wednesday, March 19th. They issued an “equal weight” rating and a $311.00 target price for the company. Finally, Bank of America reduced their target price on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $361.42.

Salesforce Trading Down 5.9 %

NYSE:CRM opened at $240.26 on Friday. The company has a 50-day moving average price of $302.46 and a 200-day moving average price of $311.39. The stock has a market cap of $230.89 billion, a price-to-earnings ratio of 39.52, a P/E/G ratio of 2.58 and a beta of 1.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00.

Salesforce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders 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 yield of 0.70%. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 10th. Salesforce’s payout ratio is presently 26.10%.

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.