Envestnet Asset Management Inc. Increases Position in Salesforce, Inc. (NYSE:CRM)

Envestnet Asset Management Inc. increased its position in Salesforce, Inc. (NYSE:CRM) by 6.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,493,493 shares of the CRM provider’s stock after buying an additional 94,229 shares during the period. Envestnet Asset Management Inc.’s holdings in Salesforce were worth $499,320,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of CRM. Arlington Trust Co LLC boosted its stake in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares during the period. Compass Financial Services Inc purchased a new position in Salesforce in the 4th quarter worth approximately $30,000. Asset Planning Inc bought a new position in Salesforce in the 4th quarter worth approximately $31,000. Collier Financial bought a new stake in shares of Salesforce during the fourth quarter valued at approximately $32,000. Finally, Halbert Hargrove Global Advisors LLC purchased a new position in shares of Salesforce in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CRM shares. Redburn Atlantic initiated coverage on shares of Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Macquarie reiterated a “neutral” rating and issued a $320.00 target price on shares of Salesforce in a research report on Thursday, March 20th. Scotiabank cut their price target on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a report on Monday, March 17th. Canaccord Genuity Group decreased their price objective on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, Wells Fargo & Company lowered their target price on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $361.42.

Insider Transactions at Salesforce

In related news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $298,055.16. Following the completion of the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at $15,534,090. This represents a 1.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the transaction, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,660 shares of company stock valued at $14,095,336. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

CRM stock opened at $240.26 on Friday. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The business has a 50-day moving average price of $302.46 and a 200 day moving average price of $311.00. The company has a market capitalization of $230.89 billion, a P/E ratio of 39.52, a PEG ratio of 2.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.70%. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is currently 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.