Kensico Capital Management Corp Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

Kensico Capital Management Corp increased its holdings in Salesforce, Inc. (NYSE:CRM) by 4.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 432,100 shares of the CRM provider’s stock after buying an additional 20,200 shares during the quarter. Salesforce accounts for about 3.3% of Kensico Capital Management Corp’s investment portfolio, making the stock its 12th largest position. Kensico Capital Management Corp’s holdings in Salesforce were worth $144,464,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Nvest Financial LLC lifted its holdings in Salesforce by 1.1% during the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after purchasing an additional 31 shares in the last quarter. OMC Financial Services LTD raised its position in shares of Salesforce by 0.3% during the 4th quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock worth $3,808,000 after purchasing an additional 31 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake in Salesforce by 4.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after buying an additional 31 shares in the last quarter. Sachetta LLC boosted its holdings in Salesforce by 0.3% in the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after buying an additional 32 shares during the last quarter. Finally, Prossimo Advisors LLC increased its stake in Salesforce by 1.0% during the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after buying an additional 32 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Transactions at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 1,909 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian Millham sold 979 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $253.66, for a total transaction of $248,333.14. Following the completion of the sale, the chief executive officer now owns 6,487 shares in the company, valued at $1,645,492.42. The trade was a 13.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,830 shares of company stock valued at $12,907,361. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CRM shares. Piper Sandler decreased their target price on Salesforce from $400.00 to $315.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Stifel Nicolaus decreased their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Cantor Fitzgerald initiated coverage on shares of Salesforce in a research note on Wednesday, April 23rd. They set an “overweight” rating and a $210.00 target price on the stock. Canaccord Genuity Group reduced their target price on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, DA Davidson reaffirmed an “underperform” rating and set a $200.00 price objective on shares of Salesforce in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and five have given a strong buy rating to the company. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $350.56.

Salesforce Stock Down 1.6 %

Shares of NYSE CRM opened at $275.38 on Friday. The stock has a market cap of $264.75 billion, a P/E ratio of 45.29, a PEG ratio of 2.58 and a beta of 1.42. The business’s fifty day simple moving average is $267.33 and its 200-day simple moving average is $307.22. 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 0.61%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio (DPR) is currently 26.10%.

About Salesforce

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.