Canopy Partners LLC Buys 98 Shares of Salesforce, Inc. (NYSE:CRM)

Canopy Partners LLC grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,381 shares of the CRM provider’s stock after acquiring an additional 98 shares during the quarter. Salesforce accounts for approximately 0.8% of Canopy Partners LLC’s holdings, making the stock its 27th biggest holding. Canopy Partners LLC’s holdings in Salesforce were worth $2,133,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Krane Funds Advisors LLC bought a new stake in Salesforce in the fourth quarter valued at $451,000. Elgethun Capital Management lifted its stake in shares of Salesforce by 14.5% in the fourth quarter. Elgethun Capital Management now owns 1,144 shares of the CRM provider’s stock worth $382,000 after buying an additional 145 shares in the last quarter. Rathbones Group PLC boosted its position in shares of Salesforce by 2.0% during the fourth quarter. Rathbones Group PLC now owns 434,028 shares of the CRM provider’s stock valued at $145,109,000 after buying an additional 8,470 shares during the last quarter. Twin Capital Management Inc. lifted its position in Salesforce by 1.8% during the fourth quarter. Twin Capital Management Inc. now owns 22,902 shares of the CRM provider’s stock valued at $7,657,000 after purchasing an additional 402 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Salesforce by 42.5% in the 4th quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock worth $2,604,770,000 after buying an additional 2,325,156 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CRM shares. Wedbush reiterated an “outperform” rating and set a $425.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Stifel Nicolaus dropped their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Wells Fargo & Company dropped their target price on shares of Salesforce from $345.00 to $310.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Citigroup reiterated a “buy” rating on shares of Salesforce in a report on Wednesday, March 19th. Finally, Jefferies Financial Group dropped their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Monday, March 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $361.42.

Insider Activity

In other news, Director Oscar Munoz acquired 3,882 shares of the firm’s stock in a transaction on Thursday, April 3rd. The stock was acquired at an average price of $257.28 per share, for a total transaction of $998,760.96. Following the completion of the acquisition, the director now owns 11,843 shares in the company, valued at $3,046,967.04. This trade represents a 48.76 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the completion of the sale, the chief financial officer now owns 45,861 shares in the company, valued at approximately $15,128,626.68. This trade represents a 11.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,660 shares of company stock worth $14,095,336. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Stock Down 5.9 %

Shares of CRM opened at $240.26 on Monday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The firm’s 50-day simple moving average is $302.46 and its 200 day simple moving average is $311.80. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $230.89 billion, a P/E ratio of 39.52, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.70%. This is a boost from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio (DPR) is presently 26.10%.

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.