Immersion Capital LLP Sells 18,600 Shares of Salesforce, Inc. (NYSE:CRM)

Immersion Capital LLP lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 22.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 66,064 shares of the CRM provider’s stock after selling 18,600 shares during the period. Salesforce comprises 9.9% of Immersion Capital LLP’s investment portfolio, making the stock its 5th largest holding. Immersion Capital LLP’s holdings in Salesforce were worth $18,082,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the business. Invenomic Capital Management LP acquired a new position in shares of Salesforce in the 3rd quarter valued at about $10,743,000. Investment Management Corp of Ontario increased its holdings in shares of Salesforce by 30.5% in the 3rd quarter. Investment Management Corp of Ontario now owns 45,348 shares of the CRM provider’s stock valued at $12,412,000 after purchasing an additional 10,600 shares during the period. Harmony Asset Management LLC increased its holdings in shares of Salesforce by 15.8% in the 3rd quarter. Harmony Asset Management LLC now owns 1,529 shares of the CRM provider’s stock valued at $419,000 after purchasing an additional 209 shares during the period. HighTower Advisors LLC increased its holdings in shares of Salesforce by 5.1% in the 3rd quarter. HighTower Advisors LLC now owns 367,016 shares of the CRM provider’s stock valued at $100,386,000 after purchasing an additional 17,955 shares during the period. Finally, Hilltop Holdings Inc. increased its holdings in shares of Salesforce by 138.2% in the 3rd quarter. Hilltop Holdings Inc. now owns 10,597 shares of the CRM provider’s stock valued at $2,900,000 after purchasing an additional 6,148 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CRM shares. Citigroup upped their target price on Salesforce from $290.00 to $368.00 and gave the company a “neutral” rating in a report on Wednesday, November 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 target price on shares of Salesforce in a research report on Friday, September 20th. Stifel Nicolaus upped their target price on Salesforce from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. TD Cowen upped their price target on Salesforce from $290.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, November 21st. Finally, Cfra set a $343.00 price target on Salesforce in a report on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $345.31.

Insiders Place Their Bets

In other Salesforce news, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the sale, the insider now owns 828 shares of the company’s stock, valued at approximately $202,702.68. This trade represents a 75.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Miguel Milano sold 719 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total value of $246,480.39. Following the completion of the sale, the insider now directly owns 4,659 shares of the company’s stock, valued at $1,597,151.79. This trade represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 140,982 shares of company stock valued at $41,591,457 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of Salesforce stock traded down $1.50 during trading on Tuesday, reaching $329.51. 1,489,237 shares of the company’s stock were exchanged, compared to its average volume of 6,267,249. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $348.86. The company has a market cap of $315.01 billion, a P/E ratio of 57.53, a PEG ratio of 2.99 and a beta of 1.30. The firm’s 50-day moving average price is $302.12 and its 200 day moving average price is $270.49.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.49%. Salesforce’s payout ratio is presently 27.83%.

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.