Optas LLC Buys 107 Shares of Salesforce, Inc. (NYSE:CRM)

03 Nov 2024, 07:43 by Amy Steele · The Cerbat Gem

Optas LLC grew its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 1.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,242 shares of the CRM provider’s stock after acquiring an additional 107 shares during the period. Optas LLC’s holdings in Salesforce were worth $1,982,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRM. Prentice Wealth Management LLC raised its holdings in Salesforce by 1.5% in the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after buying an additional 37 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its holdings in Salesforce by 0.8% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after buying an additional 38 shares during the last quarter. Fulton Bank N.A. raised its holdings in Salesforce by 0.4% in the third quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock worth $2,537,000 after buying an additional 38 shares during the last quarter. CRA Financial Services LLC raised its holdings in Salesforce by 3.4% in the third quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock worth $318,000 after buying an additional 38 shares during the last quarter. Finally, Boomfish Wealth Group LLC raised its holdings in Salesforce by 0.4% in the third quarter. Boomfish Wealth Group LLC now owns 9,312 shares of the CRM provider’s stock worth $2,549,000 after buying an additional 38 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Stock Performance

CRM opened at $294.72 on Friday. The firm has a market cap of $281.75 billion, a P/E ratio of 51.26, a PEG ratio of 2.68 and a beta of 1.29. Salesforce, Inc. has a 1-year low of $204.69 and a 1-year high of $318.71. The company has a 50 day simple moving average of $273.02 and a two-hundred day simple moving average of $263.27. 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 (NYSE:CRM – Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the prior year, the business posted $1.63 earnings per share. The company’s revenue was up 8.5% on a year-over-year basis. Equities analysts forecast 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. Stockholders of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CRM shares. Canaccord Genuity Group lifted their target price on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. JMP Securities reiterated a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research note on Wednesday, August 28th. Northland Securities upgraded shares of Salesforce from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $270.00 to $400.00 in a research note on Wednesday, October 2nd. Morgan Stanley lifted their price target on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Finally, Wells Fargo & Company lifted their price target on shares of Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 29th. Nine equities 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $313.37.

Check Out Our Latest Stock Analysis on CRM

Insider Transactions at Salesforce

In other news, COO Brian Millham sold 60,522 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total value of $18,156,600.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the transaction, the insider now directly owns 117,581 shares in the company, valued at approximately $28,362,888.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,303 shares of company stock valued at $42,024,385. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Profile

(Free Report)

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.