Foxhaven Asset Management LP Invests $80.72 Million in Salesforce, Inc. (NYSE:CRM)

Foxhaven Asset Management LP purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 241,450 shares of the CRM provider’s stock, valued at approximately $80,724,000. Salesforce accounts for 2.2% of Foxhaven Asset Management LP’s holdings, making the stock its 16th biggest position.

A number of other large investors have also added to or reduced their stakes in CRM. Nvest Financial LLC increased its stake in shares of Salesforce by 1.1% during the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock worth $938,000 after purchasing an additional 31 shares during the last quarter. OMC Financial Services LTD raised its stake in shares of Salesforce by 0.3% in the fourth quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock valued at $3,808,000 after buying an additional 31 shares during the period. Capital Advisors Ltd. LLC lifted its position in shares of Salesforce by 4.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after buying an additional 31 shares during the last quarter. Sachetta LLC grew its stake in shares of Salesforce by 0.3% during the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after acquiring an additional 32 shares during the period. Finally, Prossimo Advisors LLC raised its stake in Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock valued at $1,125,000 after acquiring an additional 32 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Salesforce stock opened at $275.38 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average is $267.33 and its 200 day moving average is $307.06. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a market capitalization of $264.75 billion, a P/E ratio of 45.29, a PEG ratio of 2.58 and a beta of 1.42.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 0.61%. The ex-dividend date was Thursday, April 10th. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is currently 26.10%.

Wall Street Analyst Weigh In

Several research analysts recently commented on CRM shares. Piper Sandler cut their price objective on shares of Salesforce from $400.00 to $315.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Wells Fargo & Company lowered their target price on shares of Salesforce from $310.00 to $255.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. Westpark Capital restated a “buy” rating and issued a $320.00 target price on shares of Salesforce in a research note on Wednesday, April 30th. Oppenheimer decreased their price objective on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Finally, Macquarie reissued a “neutral” rating and issued a $320.00 price target on shares of Salesforce in a report on Thursday, March 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have assigned a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $350.56.

Insider Activity at Salesforce

In other Salesforce news, insider R David Schmaier sold 6,959 shares of the stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the sale, the insider now directly owns 36,090 shares in the company, valued at approximately $9,141,957.90. This trade represents a 16.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Miguel Milano sold 458 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the transaction, the insider now owns 5,864 shares of the company’s stock, valued at $1,805,936.08. This represents a 7.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,830 shares of company stock valued at $12,907,361. 3.20% of the stock is owned by 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.