Salesforce, Inc. (NYSE:CRM) Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 5.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,315 shares of the CRM provider’s stock after selling 500 shares during the period. Summit Investment Advisors Inc.’s holdings in Salesforce were worth $3,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CRM. Foundations Investment Advisors LLC raised its position in 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 during the period. Athena Investment Management purchased a new stake in Salesforce in the 4th quarter valued at about $236,000. Highland Capital Management LLC acquired a new position in Salesforce in the fourth quarter valued at about $4,321,000. Nordea Investment Management AB boosted its stake in Salesforce by 11.9% during the fourth quarter. Nordea Investment Management AB now owns 2,288,803 shares of the CRM provider’s stock worth $766,566,000 after buying an additional 243,008 shares during the period. Finally, CWA Asset Management Group LLC increased its position in shares of Salesforce by 14.1% during the fourth quarter. CWA Asset Management Group LLC now owns 15,708 shares of the CRM provider’s stock valued at $5,252,000 after acquiring an additional 1,936 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at $2,344,899.96. The trade was a 5.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the completion of the sale, the chief financial officer now owns 45,861 shares in the company, valued at $15,128,626.68. This represents a 11.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,660 shares of company stock worth $14,095,336 in the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRM. Loop Capital lowered their price objective on shares of Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Stifel Nicolaus dropped their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Scotiabank reduced their target price on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a report on Monday, March 17th. Piper Sandler reaffirmed an “overweight” rating on shares of Salesforce in a research report on Wednesday, March 19th. Finally, Stephens assumed coverage on Salesforce in a report on Wednesday, March 19th. They issued an “equal weight” rating and a $311.00 target price for the company. One equities research 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $361.42.

Salesforce Stock Down 0.1 %

Salesforce stock opened at $254.98 on Monday. The stock’s 50 day moving average price is $289.29 and its 200 day moving average price is $310.70. The company has a market cap of $245.04 billion, a PE ratio of 41.94, 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. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 10th. This is a boost from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.66%. Salesforce’s dividend payout ratio is 26.10%.

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.