TenCore Partners LP Sells 34,550 Shares of Salesforce, Inc. (NYSE:CRM)

TenCore Partners LP reduced its position in Salesforce, Inc. (NYSE:CRM) by 32.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 71,004 shares of the CRM provider’s stock after selling 34,550 shares during the quarter. Salesforce makes up about 9.2% of TenCore Partners LP’s investment portfolio, making the stock its 5th largest holding. TenCore Partners LP’s holdings in Salesforce were worth $19,435,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Piscataqua Savings Bank increased its holdings in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the last quarter. Infrastructure Capital Advisors LLC acquired a new position in shares of Salesforce during the 3rd quarter valued at about $27,000. Clear Investment Research LLC increased its holdings in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares during the last quarter. Godsey & Gibb Inc. increased its holdings in shares of Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 90 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Salesforce during the 2nd quarter valued at about $33,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Miguel Milano sold 719 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the sale, the insider now directly owns 4,659 shares in the company, valued at $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were 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 in the company, valued at approximately $202,702.68. This trade represents a 75.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 140,982 shares of company stock valued at $41,591,457. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRM. Needham & Company LLC raised their target price on Salesforce from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird raised their target price on Salesforce from $340.00 to $430.00 and gave the company an “outperform” rating in a report on Wednesday. Truist Financial reaffirmed a “buy” rating and issued a $400.00 target price (up previously from $380.00) on shares of Salesforce in a report on Wednesday. Morgan Stanley raised their target price on Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Citigroup raised their target price on Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating, thirty have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $372.86.

Salesforce Stock Down 1.8 %

NYSE CRM opened at $361.14 on Friday. The stock has a fifty day moving average of $308.26 and a 200-day moving average of $272.43. The stock has a market capitalization of $345.25 billion, a P/E ratio of 59.40, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. 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 (NYSE:CRM) last released its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.31%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period last year, the business posted $1.62 earnings per share. On average, equities research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.44%. Salesforce’s dividend payout ratio (DPR) is currently 26.32%.

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.