Cinctive Capital Management LP Raises Position in Salesforce, Inc. (NYSE:CRM)

Cinctive Capital Management LP raised its position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 146.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,421 shares of the CRM provider's stock after purchasing an additional 11,553 shares during the period. Cinctive Capital Management LP's holdings in Salesforce were worth $6,493,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. United Bank raised its stake in shares of Salesforce by 1.1% during the third quarter. United Bank now owns 7,303 shares of the CRM provider's stock worth $1,999,000 after acquiring an additional 76 shares in the last quarter. Benjamin Edwards Inc. grew its holdings in shares of Salesforce by 3,967.2% during the 3rd quarter. Benjamin Edwards Inc. now owns 44,414 shares of the CRM provider's stock valued at $12,157,000 after purchasing an additional 43,322 shares during the last quarter. Hilltop Holdings Inc. raised its position in Salesforce by 138.2% in the 3rd quarter. Hilltop Holdings Inc. now owns 10,597 shares of the CRM provider's stock worth $2,900,000 after purchasing an additional 6,148 shares during the period. HighTower Advisors LLC lifted its stake in Salesforce by 5.1% in the third quarter. HighTower Advisors LLC now owns 367,016 shares of the CRM provider's stock worth $100,386,000 after purchasing an additional 17,955 shares during the last quarter. Finally, Harmony Asset Management LLC boosted its position in Salesforce by 15.8% during the third quarter. Harmony Asset Management LLC now owns 1,529 shares of the CRM provider's stock valued at $419,000 after buying an additional 209 shares during the period. Institutional investors own 80.43% of the company's stock.

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Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total value of $2,052,183.48. Following the completion of the sale, the chief financial officer now owns 45,861 shares of the company's stock, valued at approximately $15,128,626.68. The trade was a 11.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 3,273 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $931,430.34. Following the transaction, the insider now directly owns 125,146 shares in the company, valued at $35,614,048.68. The trade was a 2.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,660 shares of company stock worth $14,095,336. 3.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CRM shares. Macquarie reiterated a "neutral" rating and issued a $320.00 price objective on shares of Salesforce in a report on Thursday, March 20th. Oppenheimer lowered their price objective on Salesforce from $415.00 to $380.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. Citigroup reissued a "buy" rating on shares of Salesforce in a research note on Wednesday, March 19th. Wells Fargo & Company decreased their target price on shares of Salesforce from $345.00 to $310.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 27th. Finally, Truist Financial reissued a "buy" rating and set a $400.00 price target (up previously from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $361.42.

Salesforce Stock Up 0.7 %

CRM traded up $1.86 during trading on Wednesday, hitting $272.06. 5,381,593 shares of the company's stock traded hands, compared to its average volume of 6,656,096. The stock has a market capitalization of $261.45 billion, a price-to-earnings ratio of 44.75, a PEG ratio of 2.58 and a beta of 1.35. The company's 50 day simple moving average is $305.91 and its two-hundred day simple moving average is $311.50. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 10th. This is a boost from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 0.62%. Salesforce's dividend payout ratio (DPR) is 26.10%.

About Salesforce

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.