Salesforce, Inc. (NYSE:CRM) Shares Bought by Allstate Corp

Allstate Corp grew its position in Salesforce, Inc. (NYSE:CRM) by 3,301.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,368 shares of the CRM provider’s stock after acquiring an additional 27,534 shares during the period. Allstate Corp’s holdings in Salesforce were worth $9,484,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CRM. Infrastructure Capital Advisors LLC purchased a new stake in Salesforce in the 3rd quarter worth $27,000. Arlington Trust Co LLC grew its position 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 valued at $29,000 after purchasing an additional 40 shares during the period. Compass Financial Services Inc purchased a new stake in shares of Salesforce during the fourth quarter worth about $30,000. Asset Planning Inc acquired a new position in shares of Salesforce during the 4th quarter worth about $31,000. Finally, Collier Financial purchased a new position in Salesforce in the 4th quarter valued at about $32,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRM has been the subject of several research reports. Citigroup reiterated a “buy” rating on shares of Salesforce in a research note on Wednesday, March 19th. Scotiabank dropped their price target on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. Northland Securities restated an “outperform” rating and issued a $440.00 price objective (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their target price on shares of Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $400.00 target price on shares of Salesforce in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Price Performance

Shares of NYSE CRM opened at $270.04 on Friday. The stock’s 50-day moving average is $309.39 and its two-hundred day moving average is $310.68. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $259.51 billion, a price-to-earnings ratio of 44.42, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00.

Salesforce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be issued a $0.42 dividend. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 10th. This represents a $1.68 annualized dividend and a yield of 0.62%. Salesforce’s dividend payout ratio (DPR) is 25.16%.

Insiders Place Their Bets

In related news, insider R David Schmaier sold 1,785 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $288.34, for a total value of $514,686.90. Following the transaction, the insider now owns 29,190 shares of the company’s stock, valued at $8,416,644.60. This represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $277.37, for a total value of $1,725,518.77. Following the sale, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at $12,967,047.50. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,660 shares of company stock worth $14,095,336 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

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.