SEB Asset Management AB acquired a new stake in Salesforce Inc. (NYSE:CRM – Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 472,483 shares of the CRM provider’s stock, valued at approximately $88,198,000. SEB Asset Management AB owned 0.06% of Salesforce at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Swiss National Bank grew its stake in Salesforce by 5.4% during the first quarter. Swiss National Bank now owns 2,749,777 shares of the CRM provider’s stock worth $513,301,000 after purchasing an additional 140,900 shares during the period. Legacy Wealth Advisors LLC acquired a new position in Salesforce in the first quarter valued at approximately $212,000. Mediolanum International Funds Ltd lifted its stake in Salesforce by 65.0% in the first quarter. Mediolanum International Funds Ltd now owns 97,191 shares of the CRM provider’s stock valued at $17,983,000 after buying an additional 38,283 shares during the period. Spartan Wealth Advisory Services LLC bought a new position in shares of Salesforce during the 1st quarter worth approximately $529,000. Finally, ANB Bank boosted its holdings in shares of Salesforce by 3.6% during the 1st quarter. ANB Bank now owns 5,965 shares of the CRM provider’s stock worth $1,113,000 after buying an additional 210 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.
Salesforce Trading Down 0.9%
NYSE CRM opened at $171.20 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.15. Salesforce Inc. has a 52 week low of $146.32 and a 52 week high of $274.00. The business has a 50 day moving average price of $170.64 and a 200-day moving average price of $191.20. The company has a market cap of $140.21 billion, a price-to-earnings ratio of 19.82, a P/E/G ratio of 0.92 and a beta of 1.18.
Salesforce Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, June 11th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, June 11th. Salesforce’s dividend payout ratio (DPR) is 20.37%.
Wall Street Analyst Weigh In
CRM has been the subject of several research analyst reports. The Goldman Sachs Group began coverage on shares of Salesforce in a research note on Thursday, June 18th. They issued a “neutral” rating for the company. Monness Crespi & Hardt raised shares of Salesforce from a “neutral” rating to a “buy” rating and set a $200.00 target price on the stock in a research note on Thursday, June 18th. KeyCorp cut shares of Salesforce from an “overweight” rating to a “sector weight” rating in a report on Wednesday, July 8th. Daiwa Securities Group decreased their price target on shares of Salesforce from $295.00 to $280.00 and set a “buy” rating for the company in a research note on Tuesday, June 2nd. Finally, Roth Capital reiterated a “buy” rating and set a $325.00 price objective on shares of Salesforce in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, fourteen have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $254.42.
View Our Latest Research Report on CRM
About Salesforce
Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.
Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.
Further Reading
- Five stocks we like better than Salesforce
- Netflix May Be Cheap Enough to Tempt Buyers After Earnings Drop
- Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs?
- The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story
- Why Intuitive Surgical’s Strong Quarter Still Spooked Investors
Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce Inc. (NYSE:CRM – Free Report).
Receive News & Ratings for Salesforce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce and related companies with MarketBeat.com's FREE daily email newsletter.
