Korea Investment CORP Buys 8,992 Shares of Salesforce, Inc. (NYSE:CRM)

Korea Investment CORP grew its position in Salesforce, Inc. (NYSE:CRM - Free Report) by 1.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 787,623 shares of the CRM provider's stock after purchasing an additional 8,992 shares during the period. Salesforce comprises about 0.6% of Korea Investment CORP's portfolio, making the stock its 23rd largest position. Korea Investment CORP owned approximately 0.08% of Salesforce worth $263,326,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Foundations Investment Advisors LLC lifted its position in Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider's stock valued at $12,194,000 after acquiring an additional 4,752 shares in the last quarter. Nabity Jensen Investment Management Inc bought a new stake in shares of Salesforce in the third quarter valued at about $1,215,000. Athena Investment Management acquired a new position in shares of Salesforce during the fourth quarter worth about $236,000. Highland Capital Management LLC bought a new position in shares of Salesforce during the fourth quarter worth about $4,321,000. Finally, Geode Capital Management LLC raised its position in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider's stock valued at $5,395,132,000 after buying an additional 257,501 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $167,970.00. Following the transaction, the chief accounting officer now owns 6,557 shares in the company, valued at approximately $2,202,758.58. The trade was a 7.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total value of $1,725,518.77. Following the transaction, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at approximately $12,967,047.50. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,660 shares of company stock worth $14,095,336. 3.20% of the stock is currently owned by insiders.

Remove Ads

Salesforce Price Performance

Salesforce stock traded down $7.77 during mid-day trading on Friday, reaching $270.04. The company had a trading volume of 4,972,275 shares, compared to its average volume of 6,642,995. The business has a fifty day simple moving average of $309.39 and a 200 day simple moving average of $311.13. The company has a market cap of $259.51 billion, a P/E ratio of 44.42, a P/E/G ratio of 2.58 and a beta of 1.35. 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, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date is Thursday, April 10th. This is a boost from Salesforce's previous quarterly dividend of $0.40. Salesforce's dividend payout ratio is presently 26.10%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Oppenheimer lowered their price objective on shares of Salesforce from $415.00 to $380.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Truist Financial reiterated a "buy" rating and set a $400.00 target price (up previously from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Morgan Stanley raised their price target on Salesforce from $330.00 to $405.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Wells Fargo & Company dropped 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. Finally, Stephens began coverage on shares of Salesforce in a report on Wednesday, March 19th. They set an "equal weight" rating and a $311.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $362.74.

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.