Treasurer of the State of North Carolina Reduces Stake in Salesforce, Inc. (NYSE:CRM)

Treasurer of the State of North Carolina cut its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 434,359 shares of the CRM provider’s stock after selling 9,961 shares during the period. Salesforce comprises about 0.6% of Treasurer of the State of North Carolina’s investment portfolio, making the stock its 24th biggest position. Treasurer of the State of North Carolina’s holdings in Salesforce were worth $145,219,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bernard Wealth Management Corp. bought a new stake in Salesforce during the fourth quarter valued at about $25,000. Arlington Trust Co LLC raised its holdings in Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after acquiring an additional 40 shares during the period. Compass Financial Services Inc bought a new stake in shares of Salesforce in the fourth quarter worth about $30,000. Asset Planning Inc bought a new stake in shares of Salesforce in the fourth quarter worth about $31,000. Finally, Collier Financial bought a new stake in shares of Salesforce in the fourth quarter worth about $32,000. 80.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRM. Stifel Nicolaus reduced their target price on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Guggenheim reaffirmed a “sell” rating and issued a $247.00 target price on shares of Salesforce in a report on Thursday, February 27th. Redburn Atlantic began coverage on Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. BMO Capital Markets reaffirmed an “outperform” rating on shares of Salesforce in a report on Wednesday, March 19th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $425.00 target price on shares of Salesforce in a report on Wednesday, December 18th. One 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $361.42.

Salesforce Trading Up 8.7 %

Shares of NYSE:CRM opened at $265.32 on Thursday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The company has a market cap of $254.97 billion, a PE ratio of 43.64, a P/E/G ratio of 2.58 and a beta of 1.38. The company’s 50-day moving average price is $292.76 and its 200 day moving average price is $310.70. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be issued a $0.42 dividend. This is an increase from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Thursday, April 10th. Salesforce’s payout ratio is presently 26.10%.

Insider Buying and Selling

In related news, Director Oscar Munoz acquired 3,882 shares of the stock in a transaction that occurred on Thursday, April 3rd. The shares were purchased at an average cost of $257.28 per share, with a total value of $998,760.96. Following the completion of the transaction, the director now 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 purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R David Schmaier sold 1,785 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total transaction of $514,686.90. Following the completion of the sale, the insider now directly owns 29,190 shares of the company’s stock, valued at $8,416,644.60. This represents a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,660 shares of company stock worth $14,095,336 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

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.