Clearbridge Investments LLC Raises Stake in Salesforce, Inc. (NYSE:CRM)

Clearbridge Investments LLC increased its position in shares of Salesforce, Inc. (NYSE:CRM) by 0.3% in the 4th quarter, HoldingsChannel reports. The firm owned 3,490,948 shares of the CRM provider’s stock after purchasing an additional 10,084 shares during the period. Salesforce comprises approximately 0.9% of Clearbridge Investments LLC’s holdings, making the stock its 13th largest position. Clearbridge Investments LLC’s holdings in Salesforce were worth $1,167,129,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Foundations Investment Advisors LLC grew its stake in Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after acquiring an additional 4,752 shares during the period. Nabity Jensen Investment Management Inc acquired a new position in Salesforce during the 3rd quarter worth $1,215,000. Athena Investment Management acquired a new stake in shares of Salesforce during the 4th quarter valued at approximately $236,000. Highland Capital Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at about $4,321,000. Finally, Geode Capital Management LLC raised its position in shares of Salesforce by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after purchasing an additional 257,501 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CRM shares. Royal Bank of Canada raised their target price on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Oppenheimer cut their target price on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and upped their price target for the company from $380.00 to $400.00 in a report on Friday, January 17th. Canaccord Genuity Group decreased their price objective on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Citigroup reiterated a “buy” rating on shares of Salesforce in a research note on Wednesday, March 19th. One equities research 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $362.74.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 3,273 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $931,430.34. Following the completion of the sale, the insider now directly owns 125,146 shares in the company, valued at approximately $35,614,048.68. The trade was a 2.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on 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 completion of the transaction, the chief financial officer now directly owns 45,861 shares of the company’s stock, valued at approximately $15,128,626.68. This represents a 11.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,660 shares of company stock worth $14,095,336. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of NYSE CRM opened at $270.04 on Friday. 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 business’s 50 day moving average price is $309.39 and its 200 day moving average price is $311.13. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The firm has a market cap of $259.51 billion, a P/E ratio of 44.42, a P/E/G ratio of 2.58 and a beta of 1.35.

Salesforce Increases Dividend

The business also recently declared 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 boost from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend is Thursday, April 10th. Salesforce’s dividend payout ratio (DPR) 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.