Everest Management Corp. Invests $746,000 in Salesforce, Inc. (NYSE:CRM)

Everest Management Corp. purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,230 shares of the CRM provider's stock, valued at approximately $746,000. Salesforce makes up 0.7% of Everest Management Corp.'s investment portfolio, making the stock its 26th largest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRM. Norges Bank purchased a new stake in shares of Salesforce during the fourth quarter worth about $3,599,867,000. Raymond James Financial Inc. bought a new position in Salesforce in the fourth quarter worth $1,173,564,000. Invesco Ltd. grew its holdings in Salesforce by 42.5% in the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after purchasing an additional 2,325,156 shares during the period. Jennison Associates LLC increased its position in Salesforce by 52.7% during the 4th 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 increased its position in shares of Salesforce by 46.7% during the fourth quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider's stock valued at $1,280,408,000 after acquiring an additional 1,219,254 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 500 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $167,970.00. Following the completion of the sale, the chief accounting officer now directly owns 6,557 shares in the company, valued at approximately $2,202,758.58. This trade represents a 7.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Miguel Milano sold 458 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $307.97, for a total transaction of $141,050.26. Following the sale, the insider now owns 5,864 shares of the company's stock, valued at $1,805,936.08. This represents a 7.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,654 shares of company stock worth $14,124,094 over the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CRM shares. Stephens began 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 on the stock. DA Davidson reduced their price target on shares of Salesforce from $275.00 to $250.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Jefferies Financial Group dropped their price objective on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Bank of America decreased their price target on shares of Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Finally, Macquarie reissued a "neutral" rating and set a $320.00 price objective on shares of Salesforce in a research report on Thursday, March 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty have issued a buy rating and five have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of "Moderate Buy" and a consensus price target of $360.32.

Salesforce Price Performance

NYSE CRM traded down $2.91 on Friday, hitting $246.93. The company had a trading volume of 5,564,231 shares, compared to its average volume of 6,783,193. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $237.30 billion, a PE ratio of 40.61, a PEG ratio of 2.58 and a beta of 1.38. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The company's fifty day moving average price is $281.23 and its 200-day moving average price is $309.60.

Salesforce Increases Dividend

The company 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 represents a $1.68 annualized dividend and a yield of 0.68%. This is a boost from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 10th. Salesforce's payout ratio is presently 26.10%.

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.