Sompo Asset Management Co. Ltd. Has $11.08 Million Stake in Salesforce, Inc. (NYSE:CRM)

Sompo Asset Management Co. Ltd. trimmed its position in shares of Salesforce, Inc. (NYSE:CRM) by 9.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,147 shares of the CRM provider’s stock after selling 3,285 shares during the period. Salesforce makes up approximately 1.9% of Sompo Asset Management Co. Ltd.’s holdings, making the stock its 11th largest holding. Sompo Asset Management Co. Ltd.’s holdings in Salesforce were worth $11,082,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Salesforce in the fourth quarter valued at $3,599,867,000. Raymond James Financial Inc. bought a new stake in Salesforce during the 4th quarter worth approximately $1,173,564,000. Invesco Ltd. increased its holdings in Salesforce by 42.5% during the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock valued at $2,604,770,000 after purchasing an additional 2,325,156 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Salesforce by 23.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider’s stock worth $2,988,422,000 after buying an additional 1,683,233 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Salesforce by 52.7% during the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock valued at $1,482,347,000 after purchasing an additional 1,530,572 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the subject of several research reports. Stephens began coverage on Salesforce in a research note on Wednesday, March 19th. They issued an “equal weight” rating and a $311.00 target price for the company. Scotiabank reduced their price objective on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. Morgan Stanley cut their price target on Salesforce from $405.00 to $393.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. BMO Capital Markets reissued an “outperform” rating on shares of Salesforce in a research note on Wednesday, March 19th. Finally, Bank of America lowered their price target on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty have issued a buy rating and five have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $357.49.

Salesforce Trading Up 2.9 %

Shares of Salesforce stock opened at $243.10 on Wednesday. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $233.62 billion, a PE ratio of 39.98, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The firm’s 50 day moving average is $277.69 and its 200 day moving average is $308.98.

Salesforce Increases Dividend

The company also recently disclosed 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. The ex-dividend date is Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a yield of 0.69%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is currently 26.10%.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $167,970.00. Following the sale, the chief accounting officer now directly owns 6,557 shares in the company, valued at $2,202,758.58. This trade represents a 7.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R David Schmaier sold 6,959 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the sale, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. The trade was a 16.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,654 shares of company stock worth $14,124,094. 3.20% of the stock is currently owned by insiders.

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.