Birch Hill Investment Advisors LLC Cuts Holdings in Salesforce, Inc. (NYSE:CRM)

13 Oct 2024, 20:58 by Michael Walen · The Markets Daily

Birch Hill Investment Advisors LLC reduced its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 0.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,251 shares of the CRM provider’s stock after selling 95 shares during the period. Birch Hill Investment Advisors LLC’s holdings in Salesforce were worth $3,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Prentice Wealth Management LLC lifted its holdings in shares of Salesforce by 1.5% during the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after purchasing an additional 37 shares during the period. Fox Hill Wealth Management increased its position in shares of Salesforce by 4.0% in the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after buying an additional 38 shares in the last quarter. Pinnacle Wealth Planning Services Inc. increased its position in shares of Salesforce by 0.8% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after buying an additional 38 shares in the last quarter. Fulton Bank N.A. increased 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 purchasing an additional 38 shares in the last quarter. Finally, CRA Financial Services LLC increased 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 purchasing an additional 38 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the sale, the insider now directly owns 118,514 shares of the company’s stock, valued at approximately $34,181,807.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the completion of the sale, the insider now directly owns 118,514 shares in the company, valued at approximately $34,181,807.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the sale, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 80,612 shares of company stock worth $21,283,087. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Performance

Salesforce stock opened at $288.10 on Friday. The stock has a market cap of $275.42 billion, a P/E ratio of 50.10, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average of $261.93 and a 200-day moving average of $263.88. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last released 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 company 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 business’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 EPS. On average, analysts expect that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.56%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is currently 27.83%.

Analyst Ratings Changes

CRM has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research report on Friday, September 20th. JMP Securities reaffirmed a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a research note on Wednesday, August 28th. Sanford C. Bernstein upped their price objective on shares of Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. Finally, Loop Capital reaffirmed a “hold” rating and set a $270.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $310.74.

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