Voya Investment Management LLC Acquires 1,267,669 Shares of Salesforce, Inc. (NYSE:CRM)

Voya Investment Management LLC lifted its position in Salesforce, Inc. (NYSE:CRM) by 56.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 3,527,095 shares of the CRM provider’s stock after purchasing an additional 1,267,669 shares during the period. Salesforce accounts for approximately 1.2% of Voya Investment Management LLC’s investment portfolio, making the stock its 11th largest holding. Voya Investment Management LLC’s holdings in Salesforce were worth $1,179,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in CRM. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce in the 4th quarter worth $25,000. Arlington Trust Co LLC increased its holdings in Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares in the last quarter. Compass Financial Services Inc purchased a new position in Salesforce during the fourth quarter valued at approximately $30,000. Asset Planning Inc bought a new position in shares of Salesforce in the fourth quarter worth approximately $31,000. Finally, Collier Financial bought a new stake in shares of Salesforce during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the topic of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on Salesforce in a report on Wednesday. They set an “overweight” rating on the stock. Wells Fargo & Company dropped their price target on Salesforce from $310.00 to $255.00 and set an “equal weight” rating for the company in a research note on Tuesday. Stifel Nicolaus cut their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Citigroup reissued a “buy” rating on shares of Salesforce in a report on Wednesday, March 19th. Finally, Canaccord Genuity Group reduced their target price on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $355.19.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 1,256 shares of the company’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $318,157.36. Following the completion of the transaction, the chief accounting officer now owns 12,826 shares in the company, valued at approximately $3,248,954.06. This represents a 8.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider R David Schmaier sold 6,959 shares of Salesforce stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total value of $1,762,784.29. Following the completion of the transaction, the insider now owns 36,090 shares of the company’s stock, valued at approximately $9,141,957.90. This represents a 16.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,961 shares of company stock valued at $13,229,264 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Up 2.9 %

Salesforce stock opened at $250.57 on Thursday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The business’s 50-day simple moving average is $276.19 and its two-hundred day simple moving average is $308.58. 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 company has a market cap of $240.79 billion, a PE ratio of 41.21, a PEG ratio of 2.58 and a beta of 1.38.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th will be paid a dividend of $0.42 per share. The ex-dividend date is Thursday, April 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.67%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio (DPR) is presently 26.10%.

Salesforce 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.