Salesforce, Inc. (NYSE:CRM) is TenCore Partners LP’s 6th Largest Position

TenCore Partners LP cut its holdings in Salesforce, Inc. (NYSE:CRM) by 31.7% in the 4th quarter, HoldingsChannel reports. The fund owned 48,508 shares of the CRM provider’s stock after selling 22,496 shares during the period. Salesforce makes up 8.0% of TenCore Partners LP’s investment portfolio, making the stock its 6th largest position. TenCore Partners LP’s holdings in Salesforce were worth $16,218,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of Salesforce in the fourth quarter valued at $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in Salesforce by 926.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock valued at $1,422,979,000 after buying an additional 3,841,521 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Salesforce during the 4th quarter valued at about $1,173,564,000. Invesco Ltd. lifted its holdings in shares of Salesforce by 42.5% during the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock worth $2,604,770,000 after acquiring an additional 2,325,156 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Salesforce by 18.3% in the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock worth $3,752,830,000 after acquiring an additional 1,736,667 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Activity at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total value of $2,041,607.78. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,342,415. This trade represents a 11.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 1,909 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the sale, the chief accounting officer now owns 11,310 shares in the company, valued at $3,218,599.80. The trade was a 14.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,527 shares of company stock valued at $14,882,976 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of NYSE CRM opened at $291.00 on Friday. The business has a 50 day moving average price of $268.10 and a two-hundred day moving average price of $307.10. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The firm has a market cap of $279.76 billion, a PE ratio of 47.86, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Thursday, April 10th. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is 26.10%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CRM shares. Mizuho dropped their price target on shares of Salesforce from $425.00 to $380.00 and set an “outperform” rating for the company in a research report on Thursday. Scotiabank lowered their price objective on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. Stifel Nicolaus dropped their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Macquarie reiterated a “neutral” rating and issued a $320.00 target price on shares of Salesforce in a report on Thursday, March 20th. Finally, Oppenheimer lowered their price target on Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have issued a buy rating and five have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $352.62.

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.