Progressive Investment Management Corp Sells 123 Shares of Salesforce, Inc. (NYSE:CRM)

Progressive Investment Management Corp cut its holdings in Salesforce, Inc. (NYSE:CRM) by 0.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 15,026 shares of the CRM provider’s stock after selling 123 shares during the period. Salesforce comprises about 1.3% of Progressive Investment Management Corp’s holdings, making the stock its 24th largest holding. Progressive Investment Management Corp’s holdings in Salesforce were worth $5,024,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CRM. Foundations Investment Advisors LLC lifted its stake in Salesforce by 15.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after buying an additional 4,752 shares during the period. Nabity Jensen Investment Management Inc acquired a new stake in shares of Salesforce in the 3rd quarter valued at approximately $1,215,000. Athena Investment Management bought a new position in Salesforce during the 4th quarter worth approximately $236,000. Highland Capital Management LLC acquired a new position in Salesforce during the fourth quarter valued at approximately $4,321,000. Finally, Geode Capital Management LLC increased its stake in Salesforce by 1.3% in the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after purchasing an additional 257,501 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Insider Activity

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction of $167,970.00. Following the transaction, the chief accounting officer now owns 6,557 shares in the company, valued at $2,202,758.58. This trade represents a 7.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the completion of the sale, the chief financial officer now directly owns 45,861 shares of the company’s stock, valued at approximately $15,128,626.68. The trade was a 11.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,660 shares of company stock valued at $14,095,336. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

NYSE CRM opened at $270.04 on Friday. The stock has a market cap of $259.51 billion, a PE ratio of 44.42, a P/E/G ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a 50-day moving average of $309.39 and a 200-day moving average of $310.68. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00.

Salesforce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date is Thursday, April 10th. This is a boost from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s payout ratio is currently 25.16%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CRM shares. Macquarie reissued a “neutral” rating and issued a $320.00 price target on shares of Salesforce in a report on Thursday, March 20th. Wedbush reissued an “outperform” rating and issued a $425.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Piper Sandler reaffirmed an “overweight” rating on shares of Salesforce in a research report on Wednesday, March 19th. KeyCorp upgraded Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective for the company in a research report on Friday, December 13th. Finally, Citigroup restated a “buy” rating on shares of Salesforce in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $362.74.

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.