Duncan Williams Asset Management LLC increased its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 11.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,547 shares of the CRM provider’s stock after buying an additional 253 shares during the period. Duncan Williams Asset Management LLC’s holdings in Salesforce were worth $852,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the stock. Deerfield Management Company L.P. Series C purchased a new position in Salesforce in the second quarter valued at approximately $409,000. Vulcan Value Partners LLC lifted its position in shares of Salesforce by 76.1% during the 2nd quarter. Vulcan Value Partners LLC now owns 1,476,111 shares of the CRM provider’s stock valued at $379,469,000 after buying an additional 637,710 shares during the last quarter. Ascent Group LLC grew its stake in shares of Salesforce by 15.2% during the 2nd quarter. Ascent Group LLC now owns 19,556 shares of the CRM provider’s stock worth $5,028,000 after acquiring an additional 2,581 shares during the period. Aviso Wealth Management increased its holdings in Salesforce by 10.9% in the 2nd quarter. Aviso Wealth Management now owns 3,075 shares of the CRM provider’s stock worth $791,000 after acquiring an additional 302 shares during the last quarter. Finally, Doheny Asset Management CA bought a new stake in Salesforce in the 2nd quarter valued at about $1,799,000. Institutional investors own 80.43% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the stock. Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Truist Financial reissued a “buy” rating and set a $400.00 target price (up previously from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Macquarie reaffirmed a “neutral” rating and issued a $370.00 price target on shares of Salesforce in a report on Wednesday, December 18th. Needham & Company LLC boosted their price objective on Salesforce from $375.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Finally, JMP Securities restated a “market outperform” rating and issued a $450.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $377.63.
Salesforce Stock Performance
Salesforce stock opened at $333.47 on Friday. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The firm has a market cap of $319.13 billion, a P/E ratio of 54.85, a P/E/G ratio of 3.01 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average of $336.73 and a 200-day moving average of $294.01.
Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. Salesforce’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 earnings per share. Sell-side analysts expect that Salesforce, Inc. will post 7.48 EPS for the current year.
Salesforce Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. Salesforce’s dividend payout ratio is 26.32%.
Insider Activity
In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $298.04, for a total value of $1,251,768.00. Following the completion of the sale, the insider now directly owns 119,402 shares in the company, valued at approximately $35,586,572.08. This trade represents a 3.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director G Mason Morfit sold 722,300 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the transaction, the director now owns 3,192,009 shares in the company, valued at $1,104,786,234.99. This represents a 18.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,173,891 shares of company stock valued at $402,840,388. Corporate insiders own 3.20% of the company’s stock.
Salesforce Company 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.
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