Salesforce, Inc. (NYSE:CRM) Shares Sold by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury trimmed its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 6.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 369,418 shares of the CRM provider’s stock after selling 25,793 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Salesforce were worth $123,508,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $3,599,867,000. Raymond James Financial Inc. purchased a new stake in Salesforce during the fourth quarter worth $1,173,564,000. Invesco Ltd. grew its position in Salesforce by 42.5% during the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock valued at $2,604,770,000 after buying an additional 2,325,156 shares during the period. Jennison Associates LLC increased its holdings in Salesforce by 52.7% in 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 buying an additional 1,530,572 shares in the last quarter. Finally, Swedbank AB raised its position in shares of 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 during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CRM shares. Stifel Nicolaus cut their price target on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Robert W. Baird cut their price objective on Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Canaccord Genuity Group decreased their target price on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. BMO Capital Markets reissued an “outperform” rating on shares of Salesforce in a research note on Wednesday, March 19th. Finally, Stephens initiated coverage on shares of Salesforce in a research report on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty have given a buy rating and five have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $360.32.

Insider Buying and Selling at Salesforce

In other news, insider R David Schmaier sold 6,959 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 36,090 shares in the company, valued at $9,141,957.90. This trade represents a 16.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 value of $298,055.16. Following the completion of the sale, the chief financial officer now owns 46,750 shares in the company, valued at $15,534,090. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,654 shares of company stock worth $14,124,094 over the last three months. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

CRM stock opened at $246.93 on Monday. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market cap of $237.30 billion, a price-to-earnings ratio of 40.61, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The business has a fifty day moving average of $281.23 and a two-hundred day moving average of $309.80.

Salesforce Increases Dividend

The business also recently disclosed 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 a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, April 10th. Salesforce’s payout ratio is 26.10%.

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.