MIG Capital LLC Sells 65,802 Shares of Salesforce, Inc. (NYSE:CRM)

MIG Capital LLC reduced its position in shares of Salesforce, Inc. (NYSE:CRM) by 98.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,000 shares of the CRM provider’s stock after selling 65,802 shares during the period. MIG Capital LLC’s holdings in Salesforce were worth $334,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Atika Capital Management LLC acquired a new position in Salesforce during the 4th quarter worth $6,486,000. Quadrant Capital Group LLC lifted its position in shares of Salesforce by 2.2% during the 4th quarter. Quadrant Capital Group LLC now owns 7,785 shares of the CRM provider’s stock worth $2,603,000 after purchasing an additional 167 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co boosted its stake in Salesforce by 50.0% during the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 150,000 shares of the CRM provider’s stock valued at $50,150,000 after purchasing an additional 50,000 shares during the period. Nutshell Asset Management Ltd acquired a new stake in Salesforce in the 4th quarter valued at approximately $602,000. Finally, Russell Investments Group Ltd. increased its position in Salesforce by 0.3% in the 4th quarter. Russell Investments Group Ltd. now owns 907,832 shares of the CRM provider’s stock worth $303,666,000 after buying an additional 2,293 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CRM shares. BMO Capital Markets restated an “outperform” rating on shares of Salesforce in a research note on Wednesday, March 19th. Redburn Atlantic initiated coverage on shares of Salesforce in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. Stephens initiated coverage on shares of Salesforce in a report on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price objective on the stock. Piper Sandler reiterated an “overweight” rating on shares of Salesforce in a research note on Wednesday, March 19th. Finally, JMP Securities restated a “market outperform” rating and set a $450.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $361.42.

Salesforce Trading Down 5.9 %

CRM opened at $240.26 on Friday. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The firm has a market cap of $230.89 billion, a PE ratio of 39.52, 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 quick ratio of 1.11 and a current ratio of 1.11. The firm’s fifty day moving average is $302.46 and its two-hundred day moving average is $311.39.

Salesforce Increases Dividend

The firm 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 dividend of $0.42 per share. The ex-dividend date is Thursday, April 10th. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 0.70%. Salesforce’s payout ratio is currently 26.10%.

Insiders Place Their Bets

In related news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $15,534,090. The trade was a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Brian Millham sold 708 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $235,254.24. Following the sale, the chief operating officer now owns 1,239 shares in the company, valued at $411,694.92. This trade represents a 36.36 % 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 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

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.