Sompo Asset Management Co. Ltd. Decreases Stock Position in Salesforce, Inc. (NYSE:CRM)

Sompo Asset Management Co. Ltd. decreased its holdings in Salesforce, Inc. (NYSE:CRM - Free Report) by 9.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,147 shares of the CRM provider's stock after selling 3,285 shares during the quarter. Salesforce accounts for about 1.9% of Sompo Asset Management Co. Ltd.'s investment portfolio, making the stock its 11th largest position. Sompo Asset Management Co. Ltd.'s holdings in Salesforce were worth $11,082,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CRM. Bernard Wealth Management Corp. purchased a new position in Salesforce during the fourth quarter valued at $25,000. Arlington Trust Co LLC raised its stake in shares of Salesforce by 85.1% in 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 purchased a new position in shares of Salesforce during the 4th quarter valued at about $30,000. Asset Planning Inc bought a new position in shares of Salesforce during the 4th quarter valued at approximately $31,000. Finally, Collier Financial purchased a new stake in Salesforce in the 4th quarter worth approximately $32,000. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Up 1.2 %

Shares of NYSE:CRM traded up $3.17 during trading hours on Friday, hitting $267.87. The company's stock had a trading volume of 5,649,322 shares, compared to its average volume of 6,811,850. The firm's fifty day moving average price is $273.75 and its 200 day moving average price is $308.27. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The company has a market capitalization of $257.42 billion, a price-to-earnings ratio of 44.06, a P/E/G ratio of 2.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Investors of record on Thursday, April 10th were paid a $0.42 dividend. This is an increase from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a yield of 0.63%. Salesforce's payout ratio is 26.10%.

Insiders Place Their Bets

In related news, CEO Brian Millham sold 979 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total transaction of $248,333.14. Following the sale, the chief executive officer now owns 6,487 shares of the company's stock, valued at $1,645,492.42. This trade represents a 13.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Miguel Milano sold 458 shares of Salesforce stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the transaction, the insider now owns 5,864 shares in the company, valued at $1,805,936.08. This trade represents a 7.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,051 shares of company stock worth $15,027,714 over the last 90 days. Company insiders own 3.20% of the company's stock.

Analyst Ratings Changes

CRM has been the topic of several research analyst reports. Canaccord Genuity Group lowered 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. Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Piper Sandler cut their price objective on Salesforce from $400.00 to $315.00 and set an "overweight" rating for the company in a research report on Wednesday. Loop Capital decreased their target price on Salesforce from $330.00 to $300.00 and set a "hold" rating on the stock in a research report on Thursday, February 27th. Finally, Stephens began coverage on Salesforce in a report on Wednesday, March 19th. They set an "equal weight" rating and a $311.00 price target for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat, Salesforce presently has an average rating of "Moderate Buy" and an average target price of $351.37.

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.