DnB Asset Management AS Sells Shares of Salesforce, Inc.

DnB Asset Management AS has reduced its stake in Salesforce, Inc. (NYSE:CRM) by 22.8% in the fourth quarter, per their latest Form 13F filing with the Securities and Exchange Commission. After the sale of 158,404 shares during the quarter, the institutional investor now holds 536,037 shares of the CRM provider's stock.

This new holding represents about 0.8% of DnB Asset Management AS's overall portfolio, making Salesforce its 22nd largest investment. At the end of the most recent quarter, DnB Asset Management AS was valued to own approximately 0.06% of Salesforce, which is valued at around $179,213,000.

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Other investment firms have also altered their positions in Salesforce. Infrastructure Capital Advisors LLC established a new stake in the company worth about $27,000 during the third quarter. Arlington Trust Co LLC significantly increased its interest in Salesforce by 85.1% in the fourth quarter, now owning 87 shares valued at $29,000 after purchasing an additional 40 shares. Additionally, Compass Financial Services Inc and Asset Planning Inc both acquired new positions in Salesforce during the fourth quarter, with investments worth approximately $30,000 and $31,000, respectively. Lastly, Collier Financial also made a new investment in Salesforce valued at $32,000. Overall, institutional investors and hedge funds currently hold about 80.43% of Salesforce stock.

Wall Street Analyst Opinions

Salesforce has come under the spotlight from several analysts. Stephens initiated coverage of Salesforce on March 19, issuing an "equal weight" rating alongside a price target of $311.00. Robert W. Baird lowered their price target for Salesforce from $430.00 to $400.00, maintaining an "outperform" rating in a report dated February 27. Barclays raised their price target from $415.00 to $425.00 and assigned an "overweight" rating in a previous report on December 4.

DA Davidson adjusted their target price down from $300.00 to $275.00, while reiterating a "neutral" rating on February 27. Citigroup maintained a "buy" rating for Salesforce as well. Among analysts, one has indicated a sell rating, five have proposed a hold rating, while 31 analysts have rated the stock as a buy and five as a strong buy. According to MarketBeat.com, the average rating for Salesforce stands at "Moderate Buy," with a consensus price target of $362.74.

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Insider Sales at Salesforce

In other news regarding Salesforce, Chief Accounting Officer Sundeep G. Reddy sold 436 shares on January 23, which were priced at an average of $332.28, bringing the total transaction value to $144,874.08. After this sale, Reddy controls 7,057 shares, valued at approximately $2,344,899.96, indicating a decline of 5.82% in his holdings. Additionally, insider Miguel Milano sold 458 shares on February 24 at an average price of $307.97, valued at $141,050.26. Milano now retains 5,864 shares worth about $1,805,936.08, reflecting a 7.24% decrease in shares owned. Over the last three months, insiders have sold a total of 45,660 shares of Salesforce, amounting to $14,095,336. Insiders currently hold 3.20% of the company's stock.

Salesforce Share Performance

Salesforce shares opened at $277.88, with the firm carrying a market capitalization of $267.04 billion. The company has a P/E ratio of 45.70, a P/E/G ratio of 2.58, and a beta of 1.35. Its financial ratios include a quick ratio of 1.11, a current ratio also at 1.11, and a low debt-to-equity ratio of 0.14. Over the past 52 weeks, Salesforce's stock has recorded a low of $212.00 and a high of $369.00, with a fifty-day moving average of $310.49 and a two-hundred day average of $310.51.

Salesforce Dividend Announcement

Recently, Salesforce declared a quarterly dividend to be paid on April 24. Shareholders on record as of April 10 will receive a dividend of $0.42 per share, which amounts to an annualized dividend of $1.68, leading to a dividend yield of 0.60%. This marks an increase from the previous quarterly dividend of $0.40, with a payout ratio of 25.16% for the dividend.

Salesforce Company Overview

Salesforce, Inc. provides Customer Relationship Management (CRM) technology that connects businesses with their customers across the globe. Their services include tools for data storage and management, lead tracking, opportunity forecasting, analytics, and AI-driven insights, along with capabilities for generating quotes, contracts, and invoices. They also support companies in delivering tailored and reliable customer service on a large scale.

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This news article was created based on financial updates and reports to provide readers with timely insights regarding Salesforce, Inc.

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