Redwood Financial Network Corp Lowers Position in Salesforce, Inc. (NYSE:CRM)

Redwood Financial Network Corp decreased its stake in shares of Salesforce, Inc. (NYSE:CRM) by 4.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,946 shares of the CRM provider’s stock after selling 95 shares during the quarter. Redwood Financial Network Corp’s holdings in Salesforce were worth $651,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CRM. Geode Capital Management LLC grew its position in shares of Salesforce by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider’s stock valued at $6,656,078,000 after purchasing an additional 175,035 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Salesforce by 1.4% in the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock worth $4,163,703,000 after buying an additional 177,321 shares in the last quarter. Northern Trust Corp boosted its stake in Salesforce by 18.3% during the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock valued at $3,752,830,000 after buying an additional 1,736,667 shares during the last quarter. Norges Bank purchased a new position in Salesforce during the 4th quarter valued at approximately $3,599,867,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Salesforce by 23.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider’s stock worth $2,988,422,000 after acquiring an additional 1,683,233 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Up 0.2%

Shares of NYSE CRM opened at $289.77 on Thursday. The stock has a market cap of $278.58 billion, a P/E ratio of 47.66, a PEG ratio of 2.58 and a beta of 1.42. The business’s fifty day simple moving average is $267.47 and its 200-day simple moving average is $307.10. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were given a $0.42 dividend. The ex-dividend date was Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a yield of 0.58%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio (DPR) is currently 26.10%.

Analysts Set New Price Targets

A number of research firms have recently commented on CRM. Citigroup reiterated a “buy” rating on shares of Salesforce in a research report on Wednesday, March 19th. TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and increased their price objective for the company from $380.00 to $400.00 in a research report on Friday, January 17th. Cantor Fitzgerald assumed coverage on shares of Salesforce in a research report on Wednesday, April 23rd. They set an “overweight” rating and a $210.00 target price on the stock. Morgan Stanley lowered their price target on shares of Salesforce from $405.00 to $393.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Wells Fargo & Company reduced their price objective on Salesforce from $310.00 to $255.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-two have given a buy rating and five have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $350.56.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the transaction, the chief accounting officer now owns 11,310 shares in the company, valued at $3,218,599.80. The trade was a 14.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total transaction of $2,041,607.78. Following the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at $15,342,415. This trade represents a 11.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,830 shares of company stock worth $12,907,361. 3.20% of the stock is currently owned by company insiders.

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.