NFJ Investment Group LLC Buys 2,705 Shares of Salesforce, Inc. (NYSE:CRM)

NFJ Investment Group LLC grew its stake in shares of Salesforce, Inc. (NYSE:CRM) by 6.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 41,759 shares of the CRM provider’s stock after acquiring an additional 2,705 shares during the period. NFJ Investment Group LLC’s holdings in Salesforce were worth $11,430,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Aviance Capital Partners LLC raised its position in Salesforce by 0.5% in the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock valued at $1,860,000 after purchasing an additional 33 shares during the last quarter. Umpqua Bank raised its holdings in Salesforce by 0.4% in the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock valued at $2,110,000 after buying an additional 34 shares during the last quarter. Principal Street Partners LLC grew its holdings in Salesforce by 1.0% during the 3rd quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider’s stock worth $891,000 after acquiring an additional 34 shares during the last quarter. Nvwm LLC increased its position in Salesforce by 1.4% in the 3rd quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after acquiring an additional 36 shares during the period. Finally, Prentice Wealth Management LLC raised its stake in shares of Salesforce by 1.5% during the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock valued at $686,000 after acquiring an additional 37 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Wells Fargo & Company increased their price objective on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a report on Tuesday, November 12th. Bank of America raised their price objective on Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Scotiabank began coverage on shares of Salesforce in a research report on Monday, November 18th. They issued a “sector outperform” rating and a $425.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research report on Friday, September 20th. Seven analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $345.31.

Insider Activity

In related news, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total transaction of $18,156,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the transaction, the insider now owns 4,659 shares of the company’s stock, valued at $1,597,151.79. This represents a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 140,982 shares of company stock valued at $41,591,457 in the last three months. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of Salesforce stock traded down $1.64 during trading hours on Tuesday, hitting $329.37. 2,237,529 shares of the company’s stock traded hands, compared to its average volume of 6,269,296. The company has a fifty day simple moving average of $302.12 and a 200-day simple moving average of $270.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $314.88 billion, a price-to-earnings ratio of 57.53, a PEG ratio of 2.99 and a beta of 1.30. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $348.86.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio is 27.83%.

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.