Synovus Financial Corp Has $15.49 Million Holdings in Salesforce, Inc. (NYSE:CRM)

Synovus Financial Corp reduced its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 12.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,318 shares of the CRM provider's stock after selling 6,523 shares during the period. Synovus Financial Corp's holdings in Salesforce were worth $15,486,000 as of its most recent SEC filing.

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

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Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Macquarie restated a "neutral" rating and issued a $320.00 price target on shares of Salesforce in a research note on Thursday, March 20th. Guggenheim reaffirmed a "sell" rating and set a $247.00 price target on shares of Salesforce in a research report on Thursday, February 27th. Scotiabank reduced their target price on Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a report on Monday, March 17th. Wells Fargo & Company dropped their price target on Salesforce from $345.00 to $310.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Finally, Wedbush reissued an "outperform" rating and set a $425.00 target price on shares of Salesforce in a report on Wednesday, December 18th. One equities 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $360.76.

Salesforce Stock Up 0.5 %

CRM stock traded up $1.30 during midday trading on Tuesday, reaching $255.85. The company had a trading volume of 438,622 shares, compared to its average volume of 6,796,415. 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 1 year low of $212.00 and a 1 year high of $369.00. The company has a 50 day moving average of $287.42 and a two-hundred day moving average of $310.55. The company has a market capitalization of $245.88 billion, a P/E ratio of 42.04, a PEG ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 0.66%. This is a positive change from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 10th. Salesforce's payout ratio is currently 26.10%.

Insider Buying and Selling

In other news, insider Parker Harris sold 652 shares of the business's stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $216,646.56. Following the completion of the sale, the insider now directly owns 121,467 shares in the company, valued at approximately $40,361,054.76. The trade was a 0.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 500 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $335.94, for a total value of $167,970.00. Following the completion of the sale, the chief accounting officer now directly owns 6,557 shares in the company, valued at approximately $2,202,758.58. This represents a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,660 shares of company stock worth $14,095,336. Insiders own 3.20% of the company's stock.

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.