Sherbrooke Park Advisers LLC Makes New Investment in Salesforce, Inc. (NYSE:CRM)

Sherbrooke Park Advisers LLC purchased a new position in shares of Salesforce, Inc. (NYSE:CRM) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 802 shares of the CRM provider’s stock, valued at approximately $268,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC raised its holdings in Salesforce by 584.8% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 12,025 shares of the CRM provider’s stock worth $4,020,000 after purchasing an additional 10,269 shares during the last quarter. Sora Investors LLC raised its holdings in Salesforce by 86.7% during the 4th quarter. Sora Investors LLC now owns 56,001 shares of the CRM provider’s stock worth $18,723,000 after purchasing an additional 26,001 shares during the last quarter. Raiffeisen Bank International AG bought a new position in Salesforce during the 4th quarter worth approximately $65,988,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Salesforce during the 4th quarter worth approximately $13,995,000. Finally, Point72 Europe London LLP increased its stake in shares of Salesforce by 50.9% in the 4th quarter. Point72 Europe London LLP now owns 97,200 shares of the CRM provider’s stock valued at $32,497,000 after acquiring an additional 32,800 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Insiders Place Their Bets

In other Salesforce news, insider R David Schmaier sold 6,959 shares of Salesforce stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the sale, the insider now owns 36,090 shares of the company’s stock, valued at approximately $9,141,957.90. The trade was a 16.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Miguel Milano sold 458 shares of Salesforce stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $307.97, for a total transaction of $141,050.26. Following the completion of the sale, the insider now directly owns 5,864 shares in the company, valued at approximately $1,805,936.08. This represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,306 shares of company stock valued at $12,841,368. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Down 1.4%

CRM opened at $287.03 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company’s 50-day moving average is $268.15 and its 200 day moving average is $307.16. 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 capitalization of $275.95 billion, a P/E ratio of 47.21, a PEG ratio of 2.58 and a beta of 1.42.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were given a $0.42 dividend. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.68 annualized dividend and a yield of 0.59%. Salesforce’s payout ratio is currently 26.10%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Salesforce in a research note on Wednesday, April 23rd. They issued an “overweight” rating and a $210.00 price objective for the company. Piper Sandler lowered their price objective on shares of Salesforce from $400.00 to $315.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Jefferies Financial Group lowered their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price objective on shares of Salesforce in a research note on Friday, April 25th. Finally, 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $352.62.

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.