Bank of Nova Scotia Boosts Stake in Salesforce, Inc. (NYSE:CRM)

Bank of Nova Scotia lifted its stake in Salesforce, Inc. (NYSE:CRM) by 28.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 895,128 shares of the CRM provider’s stock after acquiring an additional 199,938 shares during the period. Bank of Nova Scotia’s holdings in Salesforce were worth $299,279,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CRM. Shelton Capital Management grew its position in shares of Salesforce by 20.5% in the 4th quarter. Shelton Capital Management now owns 44,574 shares of the CRM provider’s stock worth $14,902,000 after buying an additional 7,598 shares during the last quarter. Canopy Partners LLC increased its position in shares of Salesforce by 1.6% during the fourth quarter. Canopy Partners LLC now owns 6,381 shares of the CRM provider’s stock worth $2,133,000 after purchasing an additional 98 shares in the last quarter. Krane Funds Advisors LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at $451,000. Elgethun Capital Management boosted its position in shares of Salesforce by 14.5% in the 4th quarter. Elgethun Capital Management now owns 1,144 shares of the CRM provider’s stock worth $382,000 after purchasing an additional 145 shares in the last quarter. Finally, Rathbones Group PLC grew its stake in Salesforce by 2.0% during the 4th quarter. Rathbones Group PLC now owns 434,028 shares of the CRM provider’s stock worth $145,109,000 after buying an additional 8,470 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Miguel Milano sold 458 shares of Salesforce stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the sale, the insider now owns 5,864 shares in the company, valued at approximately $1,805,936.08. This trade represents a 7.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 45,660 shares of company stock valued at $14,095,336 in the last 90 days. Company insiders own 3.20% of the company’s stock.

Salesforce Trading Up 1.4 %

Shares of CRM stock opened at $244.16 on Tuesday. 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 twelve month low of $212.00 and a twelve month high of $369.00. The company’s 50-day moving average price is $300.39 and its 200-day moving average price is $311.65. The stock has a market cap of $234.63 billion, a price-to-earnings ratio of 40.16, a PEG ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 0.69%. 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 presently 26.10%.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price target on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Macquarie reissued a “neutral” rating and set a $320.00 target price on shares of Salesforce in a research report on Thursday, March 20th. Wedbush reaffirmed an “outperform” rating and issued a $425.00 price target on shares of Salesforce in a report on Wednesday, December 18th. Bank of America dropped their price objective on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Salesforce in a research note on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $361.42.

Salesforce Company 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.