Norden Group LLC Cuts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Norden Group LLC lowered its position in Salesforce, Inc. (NYSE:CRM) by 15.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,530 shares of the CRM provider’s stock after selling 2,044 shares during the period. Salesforce comprises about 0.5% of Norden Group LLC’s portfolio, making the stock its 18th largest position. Norden Group LLC’s holdings in Salesforce were worth $3,034,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Graypoint LLC increased its holdings in shares of Salesforce by 0.3% in the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after buying an additional 36 shares during the period. Chase Investment Counsel Corp increased its stake in Salesforce by 0.3% in the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after purchasing an additional 36 shares during the period. Opes Wealth Management LLC lifted its position in Salesforce by 2.9% in the fourth quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after purchasing an additional 37 shares during the last quarter. Prentice Wealth Management LLC boosted its stake in shares of Salesforce by 1.7% during the fourth quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after purchasing an additional 38 shares during the period. Finally, MV Capital Management Inc. grew its holdings in shares of Salesforce by 3.9% in the fourth quarter. MV Capital Management Inc. now owns 1,045 shares of the CRM provider’s stock worth $275,000 after purchasing an additional 39 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CRM shares. Bank of America increased their price target on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. TheStreet upgraded shares of Salesforce from a “c+” rating to a “b-” rating in a report on Friday, January 19th. Canaccord Genuity Group reissued a “buy” rating and issued a $350.00 price target on shares of Salesforce in a research note on Thursday, March 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $350.00 target price (up previously from $325.00) on shares of Salesforce in a research report on Friday, April 12th. Finally, KeyCorp assumed coverage on Salesforce in a research report on Thursday, March 21st. They set a “sector weight” rating on the stock. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $310.61.

Insider Transactions at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 7,075 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $309.32, for a total value of $2,188,439.00. Following the transaction, the chief financial officer now owns 38,483 shares of the company’s stock, valued at approximately $11,903,561.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the sale, the chief financial officer now directly owns 39,416 shares of the company’s stock, valued at approximately $12,040,011.36. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Amy E. Weaver sold 7,075 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the transaction, the chief financial officer now directly owns 38,483 shares in the company, valued at $11,903,561.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 610,793 shares of company stock worth $179,197,018. 3.70% of the stock is currently owned by company insiders.

Salesforce Price Performance

NYSE CRM traded down $5.22 during trading hours on Tuesday, reaching $270.52. The company’s stock had a trading volume of 2,535,538 shares, compared to its average volume of 5,598,673. The firm’s 50-day moving average price is $295.69 and its 200-day moving average price is $265.20. Salesforce, Inc. has a 1 year low of $190.76 and a 1 year high of $318.71. The company has a market capitalization of $262.40 billion, a price-to-earnings ratio of 65.03, a PEG ratio of 2.11 and a beta of 1.28. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the prior year, the company earned $1.01 EPS. The business’s revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts predict that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.59%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

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.