Corebridge Financial Inc. Has $86.45 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Corebridge Financial Inc. decreased its position in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 1.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 258,567 shares of the CRM provider's stock after selling 4,030 shares during the quarter. Salesforce makes up approximately 0.5% of Corebridge Financial Inc.'s holdings, making the stock its 22nd largest holding. Corebridge Financial Inc.'s holdings in Salesforce were worth $86,447,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Infrastructure Capital Advisors LLC bought a new position in Salesforce in the third quarter valued at about $27,000. Arlington Trust Co LLC grew its position in shares of Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after buying an additional 40 shares during the period. Compass Financial Services Inc bought a new stake in shares of Salesforce during the fourth quarter worth approximately $30,000. Asset Planning Inc acquired a new position in Salesforce in the fourth quarter valued at approximately $31,000. Finally, Collier Financial bought a new position in Salesforce in the fourth quarter valued at approximately $32,000. 80.43% of the stock is currently owned by institutional investors.

Insider Transactions at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at $12,967,047.50. This represents a 11.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Parker Harris sold 652 shares of Salesforce stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $216,646.56. Following the completion of the transaction, the insider now owns 121,467 shares in the company, valued at approximately $40,361,054.76. This represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 45,660 shares of company stock worth $14,095,336. 3.20% of the stock is owned by company insiders.

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Wall Street Analysts Forecast Growth

CRM has been the subject of several recent research reports. Stephens assumed coverage on shares of Salesforce in a research report on Wednesday, March 19th. They set an "equal weight" rating and a $311.00 target price for the company. Guggenheim reiterated a "sell" rating and issued a $247.00 price objective on shares of Salesforce in a report on Thursday, February 27th. Wells Fargo & Company reduced their target price on Salesforce from $345.00 to $310.00 and set an "equal weight" rating on the stock in a report on Thursday, February 27th. Piper Sandler restated an "overweight" rating on shares of Salesforce in a research report on Wednesday, March 19th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $450.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. One equities 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $362.74.

Salesforce Stock Performance

Shares of CRM stock traded down $3.11 on Thursday, reaching $277.88. The stock had a trading volume of 3,755,356 shares, compared to its average volume of 6,389,262. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The firm has a market capitalization of $267.04 billion, a price-to-earnings ratio of 45.70, a P/E/G ratio of 2.58 and a beta of 1.35. The firm's 50-day moving average is $310.49 and its two-hundred day moving average is $310.51. 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 disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.60%. This is a boost from Salesforce's previous quarterly dividend of $0.40. Salesforce's dividend payout ratio (DPR) is presently 25.16%.

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.