Atom Investors LP Cuts Position in Salesforce, Inc. (NYSE:CRM)

Atom Investors LP decreased its position in shares of Salesforce, Inc. (NYSE:CRM) by 39.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,179 shares of the CRM provider’s stock after selling 8,661 shares during the period. Atom Investors LP’s holdings in Salesforce were worth $3,607,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CRM. Kestra Investment Management LLC bought a new position in Salesforce during the third quarter valued at approximately $766,000. FSA Wealth Management LLC purchased a new position in Salesforce in the 3rd quarter worth $53,000. B&L Asset Management LLC bought a new stake in Salesforce in the third quarter worth $648,000. Mark Sheptoff Financial Planning LLC purchased a new stake in Salesforce during the third quarter valued at about $82,000. Finally, Erste Asset Management GmbH bought a new position in shares of Salesforce during the third quarter valued at about $51,601,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM opened at $329.99 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $348.86. The firm has a market capitalization of $315.47 billion, a price-to-earnings ratio of 57.39, a price-to-earnings-growth ratio of 2.99 and a beta of 1.29. The firm has a 50 day moving average of $302.12 and a 200 day moving average of $270.49.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. Salesforce’s dividend payout ratio is currently 27.83%.

Insider Activity at Salesforce

In other Salesforce news, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the transaction, the insider now owns 4,659 shares of the company’s stock, valued at $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 144,510 shares of company stock worth $42,475,538. Corporate insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Morgan Stanley increased their target price on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Loop Capital raised their target price on Salesforce from $270.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. Wells Fargo & Company upped their price target on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 12th. DA Davidson lifted their price objective on Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Erste Group Bank upgraded Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $341.89.

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.