Sit Investment Associates Inc. Grows Position in Salesforce, Inc. (NYSE:CRM)

Sit Investment Associates Inc. grew its stake in shares of Salesforce, Inc. (NYSE:CRM) by 21.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 74,566 shares of the CRM provider’s stock after purchasing an additional 13,355 shares during the period. Sit Investment Associates Inc.’s holdings in Salesforce were worth $24,930,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Arlington Trust Co LLC grew its position in Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after buying an additional 40 shares during the period. Compass Financial Services Inc purchased a new stake in shares of Salesforce during the 4th quarter worth approximately $30,000. Asset Planning Inc acquired a new stake in shares of Salesforce in the 4th quarter worth approximately $31,000. Collier Financial purchased a new position in Salesforce in the 4th quarter valued at approximately $32,000. Finally, Halbert Hargrove Global Advisors LLC acquired a new position in Salesforce during the fourth quarter worth $35,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CRM shares. KeyCorp raised Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a report on Friday, December 13th. Macquarie restated a “neutral” rating and set a $320.00 target price on shares of Salesforce in a report on Thursday, March 20th. Stephens initiated coverage on shares of Salesforce in a research report on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 target price for the company. Wedbush reissued an “outperform” rating and set a $425.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $247.00 target price on shares of Salesforce in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $361.42.

Insider Activity

In other news, Director Oscar Munoz acquired 3,882 shares of the company’s stock in a transaction dated Thursday, April 3rd. The shares were bought at an average price of $257.28 per share, for a total transaction of $998,760.96. Following the completion of the purchase, the director now directly owns 11,843 shares of the company’s stock, valued at approximately $3,046,967.04. This trade represents a 48.76 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider R David Schmaier sold 1,785 shares of the company’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $288.34, for a total transaction of $514,686.90. Following the completion of the transaction, the insider now owns 29,190 shares of the company’s stock, valued at $8,416,644.60. This trade represents a 5.76 % 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 valued at $14,095,336. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Down 5.9 %

Shares of NYSE:CRM opened at $240.26 on Friday. The stock has a 50-day simple moving average of $302.46 and a 200-day simple moving average of $311.00. The stock has a market capitalization of $230.89 billion, a P/E ratio of 39.52, a PEG ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce Increases Dividend

The firm 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 $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.70%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio is presently 26.10%.

About Salesforce

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.