GFI Investment Counsel Ltd. Has $7.79 Million Stake in Salesforce, Inc. (NYSE:CRM)

GFI Investment Counsel Ltd. raised its holdings in Salesforce, Inc. (NYSE:CRM) by 9.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,305 shares of the CRM provider’s stock after acquiring an additional 1,941 shares during the quarter. Salesforce comprises 0.9% of GFI Investment Counsel Ltd.’s portfolio, making the stock its 15th largest position. GFI Investment Counsel Ltd.’s holdings in Salesforce were worth $7,792,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Salesforce during the fourth quarter worth about $3,599,867,000. Raymond James Financial Inc. bought a new position in Salesforce in the fourth quarter valued at approximately $1,173,564,000. Jennison Associates LLC increased its holdings in Salesforce by 52.7% during the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock worth $1,482,347,000 after buying an additional 1,530,572 shares during the last quarter. Swedbank AB raised its holdings in shares of Salesforce by 46.7% in the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock valued at $1,280,408,000 after purchasing an additional 1,219,254 shares during the period. Finally, Franklin Resources Inc. boosted its stake in shares of Salesforce by 27.4% during the 4th quarter. Franklin Resources Inc. now owns 5,598,423 shares of the CRM provider’s stock worth $1,871,721,000 after acquiring an additional 1,204,355 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Stephens initiated coverage on Salesforce in a research report on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price objective on the stock. Redburn Atlantic started coverage on shares of Salesforce in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. Royal Bank of Canada raised their price target on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Scotiabank reduced their target price on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a report on Monday, March 17th. Finally, KeyCorp upgraded Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $361.42.

Insiders Place Their Bets

In other news, insider Parker Harris sold 652 shares of Salesforce stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $216,646.56. Following the transaction, the insider now directly owns 121,467 shares in the company, valued at approximately $40,361,054.76. This trade represents a 0.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 6,557 shares in the company, valued at $2,202,758.58. The trade was a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 45,660 shares of company stock valued at $14,095,336 over the last 90 days. 3.20% of the stock is owned by company insiders.

Salesforce Trading Down 0.7 %

Shares of CRM stock opened at $268.05 on Tuesday. The firm has a market cap of $257.60 billion, a P/E ratio of 44.09, a PEG ratio of 2.58 and a beta of 1.35. 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 firm’s 50-day simple moving average is $308.26 and its 200-day simple moving average is $311.67. 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. Shareholders 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 yield of 0.63%. The ex-dividend date is Thursday, April 10th. This is an increase from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio (DPR) is currently 26.10%.

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.