Starboard Value LP Sells 240,022 Shares of Salesforce, Inc. (NYSE:CRM)

Starboard Value LP lessened its stake in Salesforce, Inc. (NYSE:CRM) by 14.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,441,848 shares of the CRM provider’s stock after selling 240,022 shares during the period. Salesforce accounts for approximately 8.4% of Starboard Value LP’s portfolio, making the stock its 4th largest position. Starboard Value LP owned approximately 0.15% of Salesforce worth $394,648,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CRM. Veritas Asset Management LLP purchased a new position in Salesforce in the 3rd quarter valued at approximately $733,805,000. Massachusetts Financial Services Co. MA grew its position in shares of Salesforce by 48.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares during the last quarter. AMF Tjanstepension AB raised its position in shares of Salesforce by 376.1% during the 2nd quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock worth $370,873,000 after purchasing an additional 1,139,472 shares during the last quarter. KBC Group NV lifted its stake in Salesforce by 171.2% in the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after buying an additional 1,032,068 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Salesforce by 23,664.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock valued at $274,490,000 after buying an additional 998,628 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Cfra set a $343.00 price objective on Salesforce in a research note on Thursday, October 17th. JMP Securities lifted their price target on shares of Salesforce from $342.00 to $450.00 and gave the stock a “market outperform” rating in a report on Friday, November 22nd. Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Wedbush boosted their price target on Salesforce from $325.00 to $375.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Finally, TD Cowen increased their price target on Salesforce from $290.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, November 21st. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $341.89.

Insider Buying and Selling

In other news, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the completion of the transaction, the insider now owns 4,659 shares in the company, valued at approximately $1,597,151.79. This trade represents a 13.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Brian Millham sold 14,808 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $338.95, for a total value of $5,019,171.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 144,510 shares of company stock worth $42,475,538. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of NYSE CRM opened at $329.99 on Monday. The business has a 50 day moving average price of $302.12 and a two-hundred day moving average price of $270.49. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $348.86. The firm has a market cap of $315.47 billion, a PE ratio of 57.39, a price-to-earnings-growth ratio of 2.99 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

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.