NewEdge Advisors LLC Grows Stake in Salesforce, Inc. (NYSE:CRM)

NewEdge Advisors LLC raised its position in Salesforce, Inc. (NYSE:CRM - Free Report) by 3.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 94,140 shares of the CRM provider's stock after acquiring an additional 3,007 shares during the quarter. NewEdge Advisors LLC's holdings in Salesforce were worth $31,474,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. M&T Bank Corp increased its stake in shares of Salesforce by 5.5% during the third quarter. M&T Bank Corp now owns 193,314 shares of the CRM provider's stock valued at $52,912,000 after buying an additional 10,084 shares during the period. Invst LLC boosted its holdings in Salesforce by 4.2% in the third quarter. Invst LLC now owns 17,003 shares of the CRM provider's stock valued at $4,654,000 after acquiring an additional 685 shares in the last quarter. Passumpsic Savings Bank increased its position in Salesforce by 1.2% during the 3rd quarter. Passumpsic Savings Bank now owns 7,332 shares of the CRM provider's stock valued at $2,007,000 after purchasing an additional 87 shares during the period. Anchor Investment Management LLC raised its holdings in Salesforce by 15.7% in the 3rd quarter. Anchor Investment Management LLC now owns 4,290 shares of the CRM provider's stock worth $1,174,000 after purchasing an additional 581 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co lifted its position in shares of Salesforce by 14.0% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 7,047 shares of the CRM provider's stock worth $1,930,000 after purchasing an additional 866 shares during the period. Hedge funds and other institutional investors own 80.43% of the company's stock.

Insider Transactions at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the sale, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robin L. Washington bought 1,695 shares of Salesforce stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the purchase, the director now owns 43,445 shares of the company's stock, valued at approximately $12,799,331.45. This trade represents a 4.06 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 47,654 shares of company stock valued at $14,124,094 over the last three months. Corporate insiders own 3.20% of the company's stock.

Salesforce Stock Performance

NYSE CRM traded down $2.91 on Friday, hitting $246.93. 5,564,231 shares of the company traded hands, compared to its average volume of 6,783,193. The business's 50 day moving average price is $281.23 and its 200-day moving average price is $309.60. The company has a market capitalization of $237.30 billion, a price-to-earnings ratio of 40.61, a P/E/G ratio of 2.58 and a beta of 1.38. 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 52-week low of $212.00 and a 52-week high of $369.00.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be given a $0.42 dividend. This is a positive change from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date is Thursday, April 10th. Salesforce's dividend payout ratio is presently 26.10%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. 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 price target on the stock. Robert W. Baird reduced their target price on Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. BMO Capital Markets restated an "outperform" rating on shares of Salesforce in a research note on Wednesday, March 19th. Guggenheim reaffirmed a "sell" rating and issued a $247.00 price target on shares of Salesforce in a research note on Thursday, February 27th. Finally, Stifel Nicolaus lowered their price objective on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty have given a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $360.32.

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.