Charter Oak Capital Management LLC Has $2.29 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

Charter Oak Capital Management LLC lessened its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 16.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,851 shares of the CRM provider’s stock after selling 1,317 shares during the quarter. Charter Oak Capital Management LLC’s holdings in Salesforce were worth $2,291,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Veritas Asset Management LLP purchased a new stake in shares of Salesforce during the 3rd quarter worth about $733,805,000. KBC Group NV increased its holdings in Salesforce by 171.2% in the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after buying an additional 1,032,068 shares during the last quarter. International Assets Investment Management LLC raised its position in Salesforce by 23,664.2% during the third quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock valued at $274,490,000 after acquiring an additional 998,628 shares in the last quarter. State Street Corp lifted its stake in Salesforce by 1.8% in the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after acquiring an additional 864,193 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in Salesforce by 95.7% in the third quarter. Van ECK Associates Corp now owns 1,624,520 shares of the CRM provider’s stock worth $462,063,000 after acquiring an additional 794,506 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRM. Oppenheimer reaffirmed an “outperform” rating and issued a $415.00 price objective (up previously from $385.00) on shares of Salesforce in a research note on Wednesday, December 4th. Scotiabank boosted their price target on Salesforce from $425.00 to $440.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group upped their price target on Salesforce from $315.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and raised their price objective for the company from $380.00 to $400.00 in a research note on Friday, January 17th. Finally, Bank of America lifted their price target on shares of Salesforce from $390.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $377.63.

Insider Buying and Selling

In related news, insider Parker Harris sold 3,970 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $296.74, for a total value of $1,178,057.80. Following the completion of the transaction, the insider now owns 119,402 shares in the company, valued at $35,431,349.48. The trade was a 3.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $290.23, for a total value of $145,115.00. Following the completion of the transaction, the chief accounting officer now owns 6,506 shares in the company, valued at $1,888,236.38. The trade was a 7.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,109,169 shares of company stock worth $383,432,020 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Up 4.0 %

Shares of CRM stock opened at $347.26 on Tuesday. 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 capitalization of $332.33 billion, a P/E ratio of 57.12, a P/E/G ratio of 3.01 and a beta of 1.30. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The firm has a 50-day moving average price of $336.73 and a 200 day moving average price of $294.60.

Salesforce (NYSE:CRM) last announced its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. During the same period in the previous year, the firm earned $1.62 earnings per share. The firm’s revenue was up 8.3% compared to the same quarter last year. Research analysts forecast that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.46%. Salesforce’s dividend payout ratio is 26.32%.

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.