Salesforce, Inc. (NYSE:CRM) Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its stake in Salesforce, Inc. (NYSE:CRM) by 26.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,548,593 shares of the CRM provider’s stock after selling 2,411,339 shares during the period. Salesforce makes up about 0.6% of Legal & General Group Plc’s investment portfolio, making the stock its 22nd largest holding. Legal & General Group Plc owned approximately 0.68% of Salesforce worth $2,189,391,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new stake in shares of Salesforce during the fourth quarter worth approximately $3,599,867,000. Raymond James Financial Inc. purchased a new position in shares of Salesforce during the 4th quarter valued at $1,173,564,000. Invesco Ltd. raised its holdings in shares of Salesforce by 42.5% during the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock worth $2,604,770,000 after acquiring an additional 2,325,156 shares in the last quarter. Jennison Associates LLC raised its position in 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 acquiring an additional 1,530,572 shares in the last quarter. Finally, Swedbank AB grew its position in Salesforce by 46.7% in the fourth quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock worth $1,280,408,000 after acquiring an additional 1,219,254 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRM has been the topic of several recent research reports. Macquarie restated a “neutral” rating and set a $320.00 target price on shares of Salesforce in a report on Thursday, March 20th. Redburn Atlantic began coverage on shares of Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. BMO Capital Markets restated an “outperform” rating on shares of Salesforce in a report on Wednesday, March 19th. Scotiabank decreased their target price on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. Finally, Jefferies Financial Group cut their price target on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Monday, March 31st. 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $361.42.

Salesforce Trading Down 5.9 %

NYSE:CRM opened at $240.26 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a market cap of $230.89 billion, a P/E ratio of 39.52, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The business has a 50 day moving average price of $302.46 and a two-hundred day moving average price of $311.80.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be paid a $0.42 dividend. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend is Thursday, April 10th. Salesforce’s payout ratio is presently 26.10%.

Insiders Place Their Bets

In related news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $298,055.16. Following the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,534,090. The trade was a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Oscar Munoz purchased 3,882 shares of Salesforce stock in a transaction that occurred on Thursday, April 3rd. The shares were acquired at an average price of $257.28 per share, with a total value of $998,760.96. Following the acquisition, the director now directly owns 11,843 shares of the company’s stock, valued at $3,046,967.04. This trade represents a 48.76 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 45,660 shares of company stock valued at $14,095,336 in the last three months. 3.20% of the stock is currently owned by corporate 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.