Salesforce, Inc. (NYSE:CRM) Shares Bought by Bornite Capital Management LP

Bornite Capital Management LP grew its holdings in Salesforce, Inc. (NYSE:CRM - Free Report) by 25.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,000 shares of the CRM provider's stock after purchasing an additional 10,000 shares during the quarter. Salesforce makes up approximately 2.2% of Bornite Capital Management LP's portfolio, making the stock its 22nd largest holding. Bornite Capital Management LP's holdings in Salesforce were worth $16,716,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CRM. Resolute Advisors LLC purchased a new stake in Salesforce in the 4th quarter valued at approximately $219,000. Yoffe Investment Management LLC acquired a new position in shares of Salesforce in the fourth quarter worth $603,000. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Salesforce by 4.7% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,846 shares of the CRM provider's stock valued at $618,000 after acquiring an additional 83 shares in the last quarter. Uniting Wealth Partners LLC acquired a new stake in shares of Salesforce during the fourth quarter valued at $631,000. Finally, Pitcairn Co. increased its position in Salesforce by 1.7% during the 4th quarter. Pitcairn Co. now owns 11,905 shares of the CRM provider's stock worth $3,980,000 after purchasing an additional 197 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Down 5.9 %

Shares of CRM traded down $14.97 during trading on Friday, reaching $240.26. The company's stock had a trading volume of 9,689,126 shares, compared to its average volume of 6,684,703. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $230.89 billion, a price-to-earnings ratio of 39.52, a P/E/G ratio of 2.58 and a beta of 1.38. The company has a fifty day moving average of $302.46 and a two-hundred day moving average of $311.00.

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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 paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 0.70%. This is an increase from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 10th. Salesforce's dividend payout ratio is 26.10%.

Insiders Place Their Bets

In other news, CEO Brian Millham sold 3,937 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $1,120,391.46. Following the completion of the sale, the chief executive officer now directly owns 5,518 shares in the company, valued at approximately $1,570,312.44. The trade was a 41.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the firm's 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 transaction, the chief accounting officer now owns 7,057 shares in the company, 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 45,660 shares of company stock valued at $14,095,336 in the last ninety days. Corporate insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

CRM has been the topic of several analyst reports. Wells Fargo & Company decreased their price target on shares of Salesforce from $345.00 to $310.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 27th. Oppenheimer decreased their target price on shares of Salesforce from $415.00 to $380.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Jefferies Financial Group decreased their price objective on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a report on Monday, March 31st. TD Cowen upgraded Salesforce from a "hold" rating to a "buy" rating and upped their target price for the company from $380.00 to $400.00 in a research note on Friday, January 17th. Finally, Robert W. Baird decreased their price target on Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce presently has an average rating of "Moderate Buy" and a consensus price target of $361.42.

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.