Pictet North America Advisors SA Invests $2.67 Million in Salesforce, Inc. (NYSE:CRM)

23 Oct 2024, 13:46 by Doug Wharley · The Cerbat Gem

Pictet North America Advisors SA bought a new position in Salesforce, Inc. (NYSE:CRM – Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 9,748 shares of the CRM provider’s stock, valued at approximately $2,668,000.

Several other institutional investors have also made changes to their positions in the company. Prentice Wealth Management LLC boosted its position in Salesforce by 1.5% during the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after acquiring an additional 37 shares during the last quarter. Fox Hill Wealth Management boosted its position in Salesforce by 4.0% during the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after acquiring an additional 38 shares during the last quarter. Pinnacle Wealth Planning Services Inc. boosted its position in Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after acquiring an additional 38 shares during the last quarter. Fulton Bank N.A. boosted its position in Salesforce by 0.4% during the 3rd quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock worth $2,537,000 after acquiring an additional 38 shares during the last quarter. Finally, CRA Financial Services LLC boosted its position in Salesforce by 3.4% during the 3rd quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock worth $318,000 after acquiring an additional 38 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Cfra set a $343.00 price target on Salesforce in a research report on Thursday, October 17th. Stifel Nicolaus increased their price objective on Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Oppenheimer increased their price objective on Salesforce from $280.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Northland Securities raised shares of 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. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $311.66.

Get Our Latest Analysis on Salesforce

Insider Activity

In related news, COO Brian Millham sold 4,056 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $261.50, for a total transaction of $1,060,644.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, COO Brian Millham sold 4,056 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $261.50, for a total transaction of $1,060,644.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Parker Harris sold 942 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $264.78, for a total value of $249,422.76. Following the sale, the insider now owns 118,514 shares of the company’s stock, valued at approximately $31,380,136.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 85,502 shares of company stock worth $23,045,186. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Down 1.0 %

Shares of NYSE:CRM opened at $288.24 on Wednesday. The business has a fifty day simple moving average of $268.12 and a 200 day simple moving average of $263.09. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The firm has a market cap of $279.30 billion, a P/E ratio of 51.84, a P/E/G ratio of 2.61 and a beta of 1.30. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM – Get Free Report) last announced its 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 for 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 revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 earnings per share. Analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is currently 28.78%.

Salesforce Company Profile

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