Allianz SE Makes New $18.97 Million Investment in Salesforce, Inc. (NYSE:CRM)

Allianz SE bought a new position in Salesforce, Inc. (NYSE:CRM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 56,510 shares of the CRM provider’s stock, valued at approximately $18,972,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Foundations Investment Advisors LLC lifted its holdings in shares of Salesforce by 15.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after purchasing an additional 4,752 shares in the last quarter. Nabity Jensen Investment Management Inc acquired a new stake in Salesforce during the 3rd quarter worth about $1,215,000. Athena Investment Management purchased a new position in Salesforce during the 4th quarter valued at about $236,000. Highland Capital Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at about $4,321,000. Finally, Geode Capital Management LLC grew its position in Salesforce by 1.3% in the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after acquiring an additional 257,501 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Performance

CRM stock opened at $270.04 on Friday. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a market cap of $259.51 billion, a PE ratio of 44.42, a P/E/G ratio of 2.58 and a beta of 1.35. The business’s 50-day moving average price is $309.39 and its two-hundred day moving average price is $310.68.

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 issued a dividend of $0.42 per share. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 annualized dividend and a yield of 0.62%. Salesforce’s dividend payout ratio is presently 25.16%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Macquarie reiterated a “neutral” rating and set a $320.00 price target on shares of Salesforce in a research note on Thursday, March 20th. Royal Bank of Canada boosted their price objective on shares of Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Jefferies Financial Group lifted their target price on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. KeyCorp raised shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a research report on Friday, December 13th. Finally, Wells Fargo & Company reduced their price target on shares of Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus target price of $362.74.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 652 shares of the business’s stock in a transaction dated 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 owns 121,467 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. Also, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $298,055.16. Following the completion of the sale, the chief financial officer now owns 46,750 shares of the company’s stock, valued at $15,534,090. This trade represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,660 shares of company stock worth $14,095,336. 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.