Salesforce, Inc. (NYSE:CRM) Stake Lifted by abrdn plc

abrdn plc lifted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 0.7% during the third quarter, Holdings Channel.com reports. The fund owned 1,105,742 shares of the CRM provider’s stock after purchasing an additional 7,422 shares during the period. abrdn plc’s holdings in Salesforce were worth $299,916,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ruedi Wealth Management Inc. increased its position in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the period. Piscataqua Savings Bank grew its holdings in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares during the period. Clear Investment Research LLC raised its position in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares in the last quarter. Red Tortoise LLC acquired a new stake in Salesforce in the 1st quarter valued at about $33,000. Finally, Stephens Consulting LLC boosted its position in shares of Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of Salesforce stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $276.32, for a total value of $2,533,854.40. Following the transaction, the director now owns 1,363 shares in the company, valued at $376,624.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Maynard G. Webb, Jr. sold 9,170 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the sale, the director now directly owns 1,363 shares of the company’s stock, valued at approximately $376,624.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $255,905.13. Following the transaction, the chief financial officer now owns 52,930 shares of the company’s stock, valued at approximately $15,100,399.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 83,581 shares of company stock valued at $22,616,017. Company insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE CRM opened at $293.81 on Tuesday. Salesforce, Inc. has a fifty-two week low of $197.08 and a fifty-two week high of $318.71. The stock’s 50-day moving average is $270.30 and its two-hundred day moving average is $262.75. The firm has a market cap of $284.70 billion, a P/E ratio of 52.84, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the firm posted $1.63 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s payout ratio is 28.78%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Phillip Securities reissued an “accumulate” rating and set a $305.00 target price on shares of Salesforce in a research note on Friday, August 30th. Citigroup increased their price objective on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Evercore ISI restated an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a report on Monday, August 26th. Northland Securities raised Salesforce from a “market perform” rating to an “outperform” rating and upped their target price for the company from $270.00 to $400.00 in a report on Wednesday, October 2nd. Finally, Morgan Stanley boosted their price objective on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $313.37.

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.