Carrera Capital Advisors Invests $209,000 in Salesforce, Inc. (NYSE:CRM)

12 Nov 2024, 20:54 by Michael Walen · The Markets Daily

Carrera Capital Advisors purchased a new position in Salesforce, Inc. (NYSE:CRM – Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 763 shares of the CRM provider’s stock, valued at approximately $209,000.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Salesforce by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock worth $25,490,446,000 after purchasing an additional 1,008,841 shares during the period. Capital Research Global Investors boosted its holdings in Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after acquiring an additional 3,044,611 shares during the period. Capital International Investors boosted its stake in shares of Salesforce by 3.0% during the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after purchasing an additional 407,834 shares during the period. Legal & General Group Plc increased its stake in Salesforce by 2.2% in the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after buying an additional 176,641 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after acquiring an additional 1,922,674 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Trading Up 1.0 %

Shares of CRM traded up $3.41 during mid-day trading on Tuesday, reaching $345.14. The company had a trading volume of 3,337,955 shares, compared to its average volume of 6,287,816. The firm has a fifty day simple moving average of $279.53 and a 200-day simple moving average of $264.83. The stock has a market cap of $329.95 billion, a price-to-earnings ratio of 59.98, a price-to-earnings-growth ratio of 2.91 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a fifty-two week low of $211.76 and a fifty-two week high of $348.86.

Salesforce (NYSE:CRM – Get Free Report) last posted 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. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the firm posted $1.63 earnings per share. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 27.83%.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,373 shares of company stock valued at $41,250,680 over the last quarter. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the subject of several research reports. Phillip Securities reiterated an “accumulate” rating and issued a $305.00 target price on shares of Salesforce in a report on Friday, August 30th. Wedbush raised their price target on shares of Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Truist Financial reaffirmed a “buy” rating and set a $315.00 target price (up previously from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. Stifel Nicolaus raised their target price on Salesforce from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, BNP Paribas upgraded Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Nine 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 company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $316.37.

Check Out Our Latest Stock Analysis on CRM

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