Convergence Investment Partners LLC Has $866,000 Position in Salesforce, Inc. (NYSE:CRM)

Convergence Investment Partners LLC increased its position in Salesforce, Inc. (NYSE:CRM) by 6.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,292 shares of the CRM provider’s stock after buying an additional 193 shares during the period. Convergence Investment Partners LLC’s holdings in Salesforce were worth $866,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. acquired a new position in Salesforce during the fourth quarter valued at approximately $26,000. Kathleen S. Wright Associates Inc. acquired a new position in Salesforce during the fourth quarter valued at approximately $31,000. BKM Wealth Management LLC acquired a new position in Salesforce during the fourth quarter valued at approximately $34,000. Pacifica Partners Inc. grew its holdings in Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Finally, AlphaMark Advisors LLC grew its holdings in Salesforce by 892.9% during the fourth quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock valued at $37,000 after purchasing an additional 125 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. BMO Capital Markets increased their price objective on Salesforce from $325.00 to $335.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Argus increased their price objective on Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Wolfe Research reissued an “outperform” rating and issued a $365.00 price objective on shares of Salesforce in a research report on Tuesday, April 16th. Bank of America increased their price objective on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, Evercore ISI raised their target price on Salesforce from $290.00 to $330.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average price target of $310.61.

Salesforce Stock Up 0.4 %

Shares of NYSE:CRM traded up $1.15 during trading on Friday, hitting $274.29. 3,754,585 shares of the company’s stock traded hands, compared to its average volume of 5,162,527. Salesforce, Inc. has a 52 week low of $190.76 and a 52 week high of $318.71. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $266.06 billion, a price-to-earnings ratio of 65.31, a price-to-earnings-growth ratio of 2.11 and a beta of 1.28. The company has a 50-day moving average price of $295.97 and a 200-day moving average price of $264.30.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.06. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the business posted $1.01 EPS. Salesforce’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, research analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.58%. The ex-dividend date was Wednesday, March 13th. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Insider Activity

In other Salesforce news, insider Srinivas Tallapragada sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $283.12, for a total value of $2,831,200.00. Following the sale, the insider now owns 60,416 shares in the company, valued at approximately $17,104,977.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Salesforce news, insider Srinivas Tallapragada sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $283.12, for a total value of $2,831,200.00. Following the sale, the insider now owns 60,416 shares in the company, valued at approximately $17,104,977.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the sale, the chief financial officer now owns 39,416 shares in the company, valued at approximately $12,040,011.36. The disclosure for this sale can be found here. Insiders have sold 620,793 shares of company stock worth $182,177,918 in the last 90 days. Corporate insiders own 3.70% of the company’s stock.

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.