CIBC Private Wealth Group LLC Cuts Position in Salesforce, Inc. (NYSE:CRM)

CIBC Private Wealth Group LLC decreased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 3.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,865,635 shares of the CRM provider’s stock after selling 67,751 shares during the period. Salesforce accounts for 1.1% of CIBC Private Wealth Group LLC’s portfolio, making the stock its 12th largest position. CIBC Private Wealth Group LLC’s holdings in Salesforce were worth $609,876,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. United Bank boosted its stake in Salesforce by 1.1% in the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after purchasing an additional 76 shares in the last quarter. Northwest & Ethical Investments L.P. raised its holdings in Salesforce by 89.4% in the third quarter. Northwest & Ethical Investments L.P. now owns 1,710 shares of the CRM provider’s stock worth $468,000 after buying an additional 807 shares during the last quarter. Captrust Financial Advisors lifted its stake in shares of Salesforce by 1.1% in the third quarter. Captrust Financial Advisors now owns 52,069 shares of the CRM provider’s stock worth $14,252,000 after buying an additional 582 shares in the last quarter. White Knight Strategic Wealth Advisors LLC grew its holdings in shares of Salesforce by 3.0% during the third quarter. White Knight Strategic Wealth Advisors LLC now owns 1,382 shares of the CRM provider’s stock valued at $378,000 after buying an additional 40 shares during the last quarter. Finally, Southpoint Capital Advisors LP bought a new stake in shares of Salesforce during the third quarter valued at approximately $82,113,000. 80.43% of the stock is owned by institutional investors.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction of $167,970.00. Following the completion of the transaction, the chief accounting officer now owns 6,557 shares in the company, valued at $2,202,758.58. This trade represents a 7.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian Millham sold 3,937 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $1,120,391.46. Following the completion of the sale, the chief executive officer now owns 5,518 shares in the company, valued at $1,570,312.44. This represents a 41.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,660 shares of company stock valued at $14,095,336. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial reaffirmed a “buy” rating and issued a $400.00 price objective (up from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Royal Bank of Canada upped their price target on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price objective on Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. JMP Securities restated a “market outperform” rating and set a $450.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Stock Down 2.8 %

NYSE CRM opened at $270.04 on Friday. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month 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 stock has a market cap of $259.51 billion, a PE ratio of 44.42, a P/E/G ratio of 2.58 and a beta of 1.35. The stock’s 50 day moving average is $309.39 and its 200 day moving average is $311.13.

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 given a dividend of $0.42 per share. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce’s dividend 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.