Quantessence Capital LLC Buys New Holdings in Salesforce, Inc. (NYSE:CRM)

Quantessence Capital LLC bought a new position in Salesforce, Inc. (NYSE:CRM - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 7,024 shares of the CRM provider's stock, valued at approximately $2,348,000. Salesforce comprises about 1.0% of Quantessence Capital LLC's investment portfolio, making the stock its 26th largest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Foundations Investment Advisors LLC increased its holdings in shares of Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider's stock worth $12,194,000 after purchasing an additional 4,752 shares during the period. Athena Investment Management acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $236,000. Highland Capital Management LLC acquired a new position in Salesforce in the fourth quarter valued at about $4,321,000. Nordea Investment Management AB boosted its position in shares of Salesforce by 11.9% during the fourth quarter. Nordea Investment Management AB now owns 2,288,803 shares of the CRM provider's stock worth $766,566,000 after purchasing an additional 243,008 shares in the last quarter. Finally, CWA Asset Management Group LLC raised its holdings in Salesforce by 14.1% during the 4th quarter. CWA Asset Management Group LLC now owns 15,708 shares of the CRM provider's stock worth $5,252,000 after buying an additional 1,936 shares during the period. Institutional investors own 80.43% of the company's stock.

Insider Activity at Salesforce

In other news, CEO Brian Millham sold 979 shares of Salesforce stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total value of $248,333.14. Following the completion of the sale, the chief executive officer now directly owns 6,487 shares of the company's stock, valued at approximately $1,645,492.42. This trade represents a 13.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R David Schmaier sold 6,959 shares of the firm's stock in a transaction that occurred on Wednesday, April 16th. The shares were 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 approximately $9,141,957.90. The trade was a 16.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,051 shares of company stock valued at $15,027,714. Insiders own 3.20% of the company's stock.

Salesforce Trading Up 1.2 %

Shares of NYSE CRM traded up $3.17 during mid-day trading on Friday, hitting $267.87. 5,649,322 shares of the company traded hands, compared to its average volume of 6,803,871. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The business has a 50 day moving average of $274.96 and a two-hundred day moving average of $308.44. 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 capitalization of $257.42 billion, a price-to-earnings ratio of 44.06, a PEG ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 0.63%. The ex-dividend date was Thursday, April 10th. This is a positive change from Salesforce's previous quarterly dividend of $0.40. Salesforce's dividend payout ratio is currently 26.10%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRM. Jefferies Financial Group cut their price target on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Wells Fargo & Company decreased their price target on shares of Salesforce from $310.00 to $255.00 and set an "equal weight" rating on the stock in a report on Tuesday. Piper Sandler dropped their price target on shares of Salesforce from $400.00 to $315.00 and set an "overweight" rating for the company in a research note on Wednesday. Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday. Finally, Robert W. Baird cut their price target on Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat, Salesforce has an average rating of "Moderate Buy" and a consensus price target of $351.37.

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.