Salesforce, Inc. (NYSE:CRM) Shares Bought by Valley National Advisers Inc.

27 Oct 2024, 13:37 by Scott Moore · The Cerbat Gem

Valley National Advisers Inc. increased its stake in Salesforce, Inc. (NYSE:CRM – Free Report) by 275.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,204 shares of the CRM provider’s stock after purchasing an additional 6,754 shares during the quarter. Valley National Advisers Inc.’s holdings in Salesforce were worth $2,518,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Ruedi Wealth Management Inc. lifted its holdings in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares during the period. Piscataqua Savings Bank lifted its holdings in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the period. Red Tortoise LLC acquired a new stake in Salesforce in the first quarter worth about $33,000. Clear Investment Research LLC lifted its holdings 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 purchasing an additional 98 shares during the period. Finally, Godsey & Gibb Inc. lifted its holdings in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $257.28, for a total transaction of $1,080,576.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at $30,251,239.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Brian Millham sold 969 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $286.56, for a total value of $277,676.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $257.28, for a total value of $1,080,576.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at $30,251,239.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,781 shares of company stock valued at $23,696,593 over the last 90 days. 3.20% of the stock is currently owned by company insiders.

Salesforce Trading Up 1.3 %

Shares of NYSE CRM opened at $290.46 on Friday. The stock has a market cap of $281.46 billion, a price-to-earnings ratio of 52.24, a PEG ratio of 2.61 and a beta of 1.30. The business has a 50 day simple moving average of $269.73 and a 200 day simple moving average of $263.05. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. 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 – Get Free Report) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.63 EPS. On average, research analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.55%. Salesforce’s payout ratio is currently 28.78%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Morgan Stanley upped their price objective on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Evercore ISI reiterated an “outperform” rating and issued a $300.00 price target on shares of Salesforce in a research report on Monday, August 26th. JPMorgan Chase & Co. boosted their price target on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $330.00 price target (up from $300.00) on shares of Salesforce in a research report on Thursday. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $312.51.

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