CIBC Asset Management Inc Has $75.42 Million Position in Salesforce, Inc. (NYSE:CRM)

CIBC Asset Management Inc cut its position in Salesforce, Inc. (NYSE:CRM) by 1.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 225,597 shares of the CRM provider’s stock after selling 2,984 shares during the quarter. CIBC Asset Management Inc’s holdings in Salesforce were worth $75,424,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arlington Trust Co LLC raised its position in shares of Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after buying an additional 40 shares in the last quarter. Compass Financial Services Inc acquired a new position in Salesforce during the 4th quarter worth approximately $30,000. Asset Planning Inc bought a new stake in Salesforce during the 4th quarter worth approximately $31,000. Collier Financial bought a new stake in Salesforce during the 4th quarter worth approximately $32,000. Finally, Infrastructure Capital Advisors LLC bought a new stake in Salesforce during the 3rd quarter worth approximately $27,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CRM shares. The Goldman Sachs Group boosted their target price on shares of Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Robert W. Baird boosted their target price on shares of Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. UBS Group boosted their target price on shares of Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Stifel Nicolaus boosted their target price on shares of Salesforce from $390.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. 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, six have assigned a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and an average price target of $377.63.

Salesforce Price Performance

Shares of Salesforce stock opened at $325.49 on Monday. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The stock has a market capitalization of $311.49 billion, a price-to-earnings ratio of 53.53, a price-to-earnings-growth ratio of 2.66 and a beta of 1.31. The company has a fifty day moving average of $336.56 and a 200-day moving average of $303.42. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

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

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. Salesforce’s dividend payout ratio is 26.32%.

Insider Transactions at Salesforce

In related news, COO Brian Millham sold 14,808 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $338.95, for a total value of $5,019,171.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction of $2,089,882.74. Following the completion of the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at approximately $15,705,195. The trade was a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,111,420 shares of company stock valued at $384,366,700. Company insiders own 3.20% of the company’s stock.

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.