Salesforce, Inc. (NYSE:CRM) Stock Holdings Lessened by Pallas Capital Advisors LLC

29 Oct 2024, 12:24 by Tristan Rich · The Markets Daily

Pallas Capital Advisors LLC reduced its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 1.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,658 shares of the CRM provider’s stock after selling 375 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Salesforce were worth $10,512,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the stock. Prentice Wealth Management LLC increased its holdings in shares of Salesforce by 1.5% in the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock valued at $686,000 after purchasing an additional 37 shares in the last quarter. Pinnacle Wealth Planning Services Inc. boosted its position in Salesforce by 0.8% in the 1st 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 during the last quarter. Fulton Bank N.A. increased its stake in shares of Salesforce by 0.4% in the 3rd quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock valued at $2,537,000 after buying an additional 38 shares during the period. CRA Financial Services LLC lifted its stake in shares of Salesforce by 3.4% during the third quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock valued at $318,000 after acquiring an additional 38 shares during the period. Finally, Boomfish Wealth Group LLC increased its position 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 purchasing an additional 38 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CRM shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research note on Friday, September 20th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. Citigroup upped their target price on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Phillip Securities reissued an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a research note on Friday, August 30th. Finally, Erste Group Bank reaffirmed a “hold” rating on shares of Salesforce in a research note on Wednesday, September 11th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $313.37.

Get Our Latest Research Report on CRM

Salesforce Stock Performance

Shares of CRM opened at $293.81 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a 50-day moving average of $270.30 and a 200-day moving average of $262.75. The company has a market cap of $284.70 billion, a PE ratio of 52.84, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a one year low of $197.08 and a one year high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last announced 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 return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the business earned $1.63 earnings per share. The business’s revenue was up 8.5% compared to the same quarter last year. As a group, equities analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. 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 payout ratio is 28.78%.

Insider Buying and Selling at Salesforce

In other Salesforce news, COO Brian Millham sold 969 shares of the stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $286.56, for a total transaction of $277,676.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Brian Millham sold 969 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $286.56, for a total transaction of $277,676.64. The disclosure for this sale can be found here. Insiders have sold a total of 83,581 shares of company stock valued at $22,616,017 in the last three months. 3.20% of the stock is currently owned by company insiders.

Salesforce Profile

(Free Report)