Kane Investment Management Inc. Invests $662,000 in Salesforce, Inc. (NYSE:CRM)

Kane Investment Management Inc. bought a new stake in Salesforce, Inc. (NYSE:CRM - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,981 shares of the CRM provider's stock, valued at approximately $662,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bernard Wealth Management Corp. acquired a new position in shares of Salesforce during the 4th quarter worth $25,000. Arlington Trust Co LLC grew its position in Salesforce by 85.1% during the fourth 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 acquired a new position in Salesforce during the fourth quarter worth about $30,000. Asset Planning Inc acquired a new stake in shares of Salesforce during the 4th quarter valued at approximately $31,000. Finally, Collier Financial purchased a new stake in shares of Salesforce during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CRM. Redburn Atlantic started coverage on Salesforce in a report on Wednesday, February 19th. They set a "buy" rating for the company. Stifel Nicolaus decreased their price objective on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Morgan Stanley lowered their price objective on shares of Salesforce from $405.00 to $393.00 and set an "overweight" rating on the stock in a research note on Wednesday. DA Davidson cut their price target on Salesforce from $275.00 to $250.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Finally, Wells Fargo & Company decreased their price objective on Salesforce from $345.00 to $310.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 27th. 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 issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $360.32.

Insiders Place Their Bets

In related news, CEO Brian Millham sold 3,937 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $1,120,391.46. Following the sale, the chief executive officer now owns 5,518 shares in the company, valued at $1,570,312.44. This represents a 41.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the company's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now directly owns 7,057 shares of the company's stock, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,654 shares of company stock valued at $14,124,094 in the last ninety days. Corporate insiders own 3.20% of the company's stock.

Salesforce Stock Down 1.2 %

Shares of NYSE:CRM traded down $2.91 during trading on Friday, hitting $246.93. The company's stock had a trading volume of 5,564,231 shares, compared to its average volume of 6,775,715. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The stock's 50-day moving average price is $281.23 and its two-hundred day moving average price is $309.39. 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 Increases Dividend

The business also recently declared 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. 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 yield of 0.68%. Salesforce's dividend payout ratio is currently 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.