State of Tennessee Department of Treasury Reduces Stock Position in Salesforce, Inc. (NYSE:CRM)

State of Tennessee Department of Treasury lessened its stake in Salesforce, Inc. (NYSE:CRM - Free Report) by 6.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 369,418 shares of the CRM provider's stock after selling 25,793 shares during the period. State of Tennessee Department of Treasury's holdings in Salesforce were worth $123,508,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC boosted its position in Salesforce by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock worth $6,656,078,000 after purchasing an additional 175,035 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Salesforce by 1.4% in the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock valued at $4,163,703,000 after buying an additional 177,321 shares in the last quarter. Norges Bank acquired a new position in shares of Salesforce during the 4th quarter worth approximately $3,599,867,000. Invesco Ltd. grew its stake in Salesforce by 42.5% in the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock valued at $2,604,770,000 after acquiring an additional 2,325,156 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in Salesforce by 10.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,593,295 shares of the CRM provider's stock worth $2,204,336,000 after acquiring an additional 628,593 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Insider Buying and Selling at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $335.94, for a total value of $2,089,882.74. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,705,195. This trade represents a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R David Schmaier sold 6,959 shares of the business's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total value of $1,762,784.29. Following the transaction, the insider now directly owns 36,090 shares of the company's stock, valued at $9,141,957.90. The trade was a 16.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,051 shares of company stock valued at $15,027,714 in the last 90 days. Company insiders own 3.20% of the company's stock.

Salesforce Trading Up 5.5 %

NYSE CRM traded up $13.81 during trading on Thursday, hitting $264.29. The stock had a trading volume of 7,846,607 shares, compared to its average volume of 6,797,021. The company has a market capitalization of $253.98 billion, a PE ratio of 43.47, a PEG ratio of 2.58 and a beta of 1.38. 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 firm has a 50 day moving average price of $276.19 and a 200 day moving average price of $308.58.

Salesforce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be paid a dividend of $0.42 per share. This is an increase from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Thursday, April 10th. Salesforce's dividend payout ratio is presently 26.10%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. BMO Capital Markets reiterated an "outperform" rating on shares of Salesforce in a research report on Wednesday, March 19th. Cantor Fitzgerald started coverage on Salesforce in a report on Wednesday. They issued an "overweight" rating on the stock. Canaccord Genuity Group reduced their target price on Salesforce from $415.00 to $400.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Loop Capital lowered their price target on Salesforce from $330.00 to $300.00 and set a "hold" rating on the stock in a research note on Thursday, February 27th. Finally, Scotiabank reduced their price objective on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $355.19.

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.