Columbus Hill Capital Management L.P. Lowers Holdings in Salesforce, Inc. (NYSE:CRM)

Columbus Hill Capital Management L.P. trimmed its position in shares of Salesforce, Inc. (NYSE:CRM) by 71.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 10,000 shares of the CRM provider’s stock after selling 25,459 shares during the quarter. Salesforce comprises about 0.7% of Columbus Hill Capital Management L.P.’s holdings, making the stock its 23rd biggest holding. Columbus Hill Capital Management L.P.’s holdings in Salesforce were worth $3,343,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Atika Capital Management LLC bought a new stake in shares of Salesforce during the fourth quarter valued at approximately $6,486,000. Quadrant Capital Group LLC increased its holdings in shares of Salesforce by 2.2% in the 4th quarter. Quadrant Capital Group LLC now owns 7,785 shares of the CRM provider’s stock worth $2,603,000 after purchasing an additional 167 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co raised its stake in shares of Salesforce by 50.0% in the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 150,000 shares of the CRM provider’s stock worth $50,150,000 after purchasing an additional 50,000 shares during the last quarter. Nutshell Asset Management Ltd bought a new position in shares of Salesforce during the fourth quarter valued at $602,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Salesforce by 0.3% during the fourth quarter. Russell Investments Group Ltd. now owns 907,832 shares of the CRM provider’s stock valued at $303,666,000 after buying an additional 2,293 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

Salesforce stock opened at $240.26 on Friday. The company’s 50-day moving average price is $302.46 and its 200-day moving average price is $311.39. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $230.89 billion, a PE ratio of 39.52, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00.

Salesforce Increases Dividend

The business 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. The ex-dividend date is Thursday, April 10th. This is an increase from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 0.70%. Salesforce’s dividend payout ratio is 26.10%.

Insider Activity

In related news, COO Brian Millham sold 708 shares of Salesforce stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $235,254.24. Following the completion of the transaction, the chief operating officer now directly owns 1,239 shares of the company’s stock, valued at approximately $411,694.92. The trade was a 36.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Wednesday, January 15th. The stock was 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 trade represents a 11.94 % 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 in the last ninety days. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

CRM has been the topic of several research analyst reports. Piper Sandler restated an “overweight” rating on shares of Salesforce in a research note on Wednesday, March 19th. Loop Capital dropped their target price on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Citigroup reiterated a “buy” rating on shares of Salesforce in a research note on Wednesday, March 19th. BMO Capital Markets restated an “outperform” rating on shares of Salesforce in a research note on Wednesday, March 19th. Finally, Wells Fargo & Company reduced their price objective on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have issued 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, Salesforce has an average rating of “Moderate Buy” and an average target price of $361.42.

About Salesforce

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.