Reynders McVeigh Capital Management LLC Acquires 35,889 Shares of Salesforce, Inc. (NYSE:CRM)

Reynders McVeigh Capital Management LLC lifted its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 82.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,486 shares of the CRM provider's stock after purchasing an additional 35,889 shares during the quarter. Salesforce comprises 1.4% of Reynders McVeigh Capital Management LLC's investment portfolio, making the stock its 27th biggest holding. Reynders McVeigh Capital Management LLC's holdings in Salesforce were worth $26,575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nvest Financial LLC lifted its position in shares of Salesforce by 1.1% in the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider's stock valued at $938,000 after acquiring an additional 31 shares in the last quarter. OMC Financial Services LTD boosted its position in shares of Salesforce by 0.3% during the fourth quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider's stock worth $3,808,000 after acquiring an additional 31 shares during the last quarter. Capital Advisors Ltd. LLC boosted its holdings in shares of Salesforce by 4.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider's stock valued at $263,000 after purchasing an additional 31 shares during the last quarter. Sachetta LLC increased its holdings in shares of Salesforce by 0.3% in the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider's stock worth $3,684,000 after purchasing an additional 32 shares during the last quarter. Finally, Prossimo Advisors LLC grew its holdings in shares of Salesforce by 1.0% in the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider's stock valued at $1,125,000 after purchasing an additional 32 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

A number of analysts recently issued reports on CRM shares. Jefferies Financial Group lowered their price target on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Wedbush restated an "outperform" rating and set a $425.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Canaccord Genuity Group cut their price objective on Salesforce from $415.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Piper Sandler reissued an "overweight" rating on shares of Salesforce in a report on Wednesday, March 19th. Finally, Robert W. Baird dropped their target price on Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. One 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 company presently has a consensus rating of "Moderate Buy" and a consensus target price of $360.76.

Salesforce Stock Performance

Salesforce stock traded up $1.04 during trading hours on Tuesday, reaching $255.59. 438,622 shares of the company were exchanged, compared to its average volume of 6,796,490. The stock has a 50-day moving average of $287.42 and a 200 day moving average of $310.55. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a market cap of $245.62 billion, a price-to-earnings ratio of 42.04, 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.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be issued a dividend of $0.42 per share. 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 dividend on an annualized basis and a dividend yield of 0.66%. Salesforce's dividend payout ratio (DPR) is presently 26.10%.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the sale, the chief accounting officer now directly owns 7,057 shares of the company's stock, valued at $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 6,221 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the completion of the transaction, the chief financial officer now directly owns 45,861 shares of the company's stock, valued at $15,128,626.68. This trade represents a 11.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,660 shares of company stock worth $14,095,336. 3.20% of the stock is currently owned by insiders.

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.