Global Wealth Management Investment Advisory Inc. Increases Stock Position in Salesforce, Inc. (NYSE:CRM)

05 Nov 2024, 11:24 by Jessica Moore · The Cerbat Gem

Global Wealth Management Investment Advisory Inc. raised its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 7.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,209 shares of the CRM provider’s stock after purchasing an additional 470 shares during the period. Global Wealth Management Investment Advisory Inc.’s holdings in Salesforce were worth $1,973,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TFB Advisors LLC purchased a new position in shares of Salesforce in the 1st quarter valued at $389,000. Avidian Wealth Solutions LLC acquired a new position in Salesforce during the 1st quarter valued at about $396,000. Catalina Capital Group LLC increased its holdings in shares of Salesforce by 201.1% during the first quarter. Catalina Capital Group LLC now owns 2,433 shares of the CRM provider’s stock valued at $733,000 after purchasing an additional 1,625 shares during the period. Clarity Capital Partners LLC lifted its position in Salesforce by 10.5% in the first quarter. Clarity Capital Partners LLC now owns 11,727 shares of the CRM provider’s stock worth $3,532,000 after purchasing an additional 1,114 shares during the period. Finally, Signaturefd LLC lifted its stake in Salesforce by 4.8% during the first quarter. Signaturefd LLC now owns 18,985 shares of the CRM provider’s stock valued at $5,718,000 after purchasing an additional 862 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CRM shares. JPMorgan Chase & Co. lifted their price objective 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. 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. FBN Securities raised shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Oppenheimer reaffirmed an “outperform” rating and set a $330.00 price objective (up from $300.00) on shares of Salesforce in a report on Thursday, October 24th. Finally, Sanford C. Bernstein increased their target price on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $313.37.

Check Out Our Latest Stock Analysis on Salesforce

Insider Activity

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $290.23, for a total value of $145,115.00. Following the sale, the chief accounting officer now owns 6,506 shares in the company, valued at approximately $1,888,236.38. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $290.23, for a total transaction of $145,115.00. Following the completion of the sale, the chief accounting officer now directly owns 6,506 shares in the company, valued at $1,888,236.38. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the business’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 completion of the transaction, the chief financial officer now owns 52,930 shares in the company, valued at approximately $15,100,399.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 146,003 shares of company stock valued at $41,494,084. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Salesforce stock traded up $0.47 during mid-day trading on Tuesday, reaching $298.48. 571,525 shares of the company were exchanged, compared to its average volume of 6,241,929. The company has a fifty day simple moving average of $273.68 and a 200-day simple moving average of $263.36. The firm has a market cap of $285.35 billion, a PE ratio of 51.81, a PEG ratio of 2.67 and a beta of 1.29. 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, Inc. has a 12 month low of $204.69 and a 12 month high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the business posted $1.63 EPS. As a group, equities research analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.54%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is currently 27.83%.

About Salesforce

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