State of Tennessee Department of Treasury Decreases Stock Position in Salesforce, Inc. (NYSE:CRM)

State of Tennessee Department of Treasury decreased its position in shares of Salesforce, Inc. (NYSE:CRM) by 6.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 369,418 shares of the CRM provider’s stock after selling 25,793 shares during the period. State of Tennessee Department of Treasury’s holdings in Salesforce were worth $123,508,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Bernard Wealth Management Corp. bought a new stake in Salesforce in the 4th quarter worth approximately $25,000. Arlington Trust Co LLC grew its holdings in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. Compass Financial Services Inc bought a new stake in Salesforce in the fourth quarter worth $30,000. Asset Planning Inc purchased a new stake in Salesforce during the fourth quarter valued at $31,000. Finally, Collier Financial bought a new position in Salesforce during the fourth quarter valued at $32,000. 80.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRM. Redburn Atlantic assumed coverage on shares of Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Guggenheim restated a “sell” rating and set a $247.00 price objective on shares of Salesforce in a research report on Thursday, February 27th. Morgan Stanley dropped their target price on Salesforce from $405.00 to $393.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Macquarie restated a “neutral” rating and set a $320.00 price target on shares of Salesforce in a report on Thursday, March 20th. Finally, Bank of America dropped their price objective on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirty have issued a buy rating and five have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $360.32.

Salesforce Price Performance

CRM opened at $246.93 on Monday. The firm has a market capitalization of $237.30 billion, a PE ratio of 40.61, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50-day moving average is $281.23 and its two-hundred day moving average is $309.80. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00.

Salesforce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be given a $0.42 dividend. The ex-dividend date is Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.68%. This is an increase from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is presently 26.10%.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $298,055.16. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,534,090. This trade represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Parker Harris sold 652 shares of the business’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $216,646.56. Following the sale, the insider now owns 121,467 shares in the company, valued at $40,361,054.76. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,654 shares of company stock worth $14,124,094 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

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.