Elwood Capital Partners LP Purchases New Shares in Salesforce, Inc. (NYSE:CRM)

Elwood Capital Partners LP acquired a new position in shares of Salesforce, Inc. (NYSE:CRM) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 4,000 shares of the CRM provider’s stock, valued at approximately $1,337,000. Salesforce makes up 1.3% of Elwood Capital Partners LP’s investment portfolio, making the stock its 16th biggest holding.

A number of other hedge funds also recently bought and sold shares of CRM. Arlington Trust Co LLC lifted its stake in shares of 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 last quarter. Compass Financial Services Inc acquired a new stake in shares of Salesforce in the fourth quarter valued at about $30,000. Asset Planning Inc bought a new position in shares of Salesforce in the fourth quarter worth about $31,000. Collier Financial acquired a new position in shares of Salesforce during the 4th quarter worth about $32,000. Finally, Halbert Hargrove Global Advisors LLC bought a new stake in Salesforce during the 4th quarter valued at approximately $35,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on CRM shares. Piper Sandler reiterated an “overweight” rating on shares of Salesforce in a report on Wednesday, March 19th. Redburn Atlantic started coverage on shares of Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Robert W. Baird dropped their price objective on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Jefferies Financial Group reduced their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. boosted their price target on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One research 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.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $361.42.

Insider Buying and Selling at Salesforce

In related news, 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 in the company, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $298,055.16. Following the completion of the sale, the chief financial officer now owns 46,750 shares in the company, valued at $15,534,090. The trade was a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,660 shares of company stock valued at $14,095,336 in the last 90 days. 3.20% of the stock is currently owned by company insiders.

Salesforce Price Performance

Shares of CRM stock opened at $268.05 on Tuesday. The firm has a market capitalization of $257.60 billion, a price-to-earnings ratio of 44.09, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. 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 firm has a fifty day moving average of $308.26 and a 200-day moving average of $311.67.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be given a dividend of $0.42 per share. This is an increase from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.63%. 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.