Perennial Investment Advisors LLC Raises Stock Position in Salesforce, Inc. (NYSE:CRM)

Perennial Investment Advisors LLC lifted its position in shares of Salesforce, Inc. (NYSE:CRM) by 13.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,129 shares of the CRM provider’s stock after acquiring an additional 482 shares during the quarter. Perennial Investment Advisors LLC’s holdings in Salesforce were worth $1,381,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. United Bank raised its stake in shares of Salesforce by 1.1% during the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after buying an additional 76 shares during the last quarter. Soros Fund Management LLC acquired a new position in Salesforce during the third quarter worth about $42,809,000. Whale Rock Capital Management LLC purchased a new stake in shares of Salesforce in the third quarter valued at about $62,068,000. Weiss Asset Management LP acquired a new stake in shares of Salesforce in the third quarter valued at approximately $3,048,000. Finally, Wahed Invest LLC increased its stake in shares of Salesforce by 4.1% during the 3rd quarter. Wahed Invest LLC now owns 22,526 shares of the CRM provider’s stock worth $6,166,000 after purchasing an additional 891 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. DA Davidson lowered their target price on Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Bank of America decreased their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Wedbush reissued an “outperform” rating and issued a $425.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Stephens initiated coverage on shares of Salesforce in a research note on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price target on the stock. Finally, Robert W. Baird lowered their price target on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $361.42.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $240.26 on Friday. The business’s 50-day simple moving average is $302.46 and its 200 day simple moving average is $311.00. The company has a market cap of $230.89 billion, a P/E ratio of 39.52, a PEG ratio of 2.58 and a beta of 1.38. 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, Inc. has a one year low of $212.00 and a one year high of $369.00.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be given a dividend of $0.42 per share. This is a boost from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date is Thursday, April 10th. Salesforce’s payout ratio is presently 26.10%.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Oscar Munoz acquired 3,882 shares of the company’s stock in a transaction on Thursday, April 3rd. The shares were acquired at an average price of $257.28 per share, for a total transaction of $998,760.96. Following the completion of the acquisition, the director now directly owns 11,843 shares in the company, valued at $3,046,967.04. The trade was a 48.76 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 45,660 shares of company stock worth $14,095,336. 3.20% of the stock is currently owned by company insiders.

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.