AGF Management Ltd. Acquires New Position in Salesforce, Inc. (NYSE:CRM)
AGF Management Ltd. acquired a new stake in Salesforce, Inc. (NYSE:CRM – Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,065 shares of the CRM provider’s stock, valued at approximately $280,000.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Fisher Asset Management LLC lifted its position in Salesforce by 5.3% in the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after purchasing an additional 752,566 shares during the period. Northern Trust Corp increased its holdings in Salesforce by 1.1% in the third quarter. Northern Trust Corp now owns 11,195,108 shares of the CRM provider’s stock valued at $2,270,144,000 after buying an additional 121,436 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Salesforce by 2.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,397,516 shares of the CRM provider’s stock valued at $1,420,302,000 after buying an additional 145,625 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Salesforce by 7.1% in the third quarter. The Manufacturers Life Insurance Company now owns 4,678,330 shares of the CRM provider’s stock valued at $948,676,000 after buying an additional 309,881 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in Salesforce by 1,254.7% in the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after buying an additional 3,226,512 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.
Salesforce Stock Down 1.0 %
Shares of CRM opened at $284.74 on Friday. The firm has a market cap of $275.63 billion, a PE ratio of 67.80, a price-to-earnings-growth ratio of 2.13 and a beta of 1.30. The company’s fifty day moving average is $289.53 and its two-hundred day moving average is $270.94. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. Salesforce’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the business earned $1.01 EPS. Analysts forecast that Salesforce, Inc. will post 7.45 earnings per share for the current year.
Salesforce Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.56%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $342.00 target price on shares of Salesforce in a report on Monday, April 15th. Piper Sandler reaffirmed a “neutral” rating and issued a $300.00 target price on shares of Salesforce in a report on Monday, April 15th. Oppenheimer increased their target price on shares of Salesforce from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Monday, February 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $350.00 target price (up from $325.00) on shares of Salesforce in a report on Friday, April 12th. Finally, Wolfe Research reissued an “outperform” rating and set a $365.00 price objective on shares of Salesforce in a research note on Tuesday, April 16th. Nine investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $310.61.
Check Out Our Latest Stock Analysis on CRM
Insider Buying and Selling at Salesforce
In other Salesforce news, insider Srinivas Tallapragada sold 10,000 shares of Salesforce stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $287.50, for a total value of $2,875,000.00. Following the transaction, the insider now owns 60,416 shares in the company, valued at approximately $17,369,600. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Srinivas Tallapragada sold 10,000 shares of Salesforce stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $287.50, for a total transaction of $2,875,000.00. Following the transaction, the insider now owns 60,416 shares in the company, valued at approximately $17,369,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Brian Millham sold 24,453 shares of Salesforce stock in a transaction on Monday, April 1st. The shares were sold at an average price of $302.08, for a total transaction of $7,386,762.24. The disclosure for this sale can be found here. Insiders have sold a total of 635,499 shares of company stock worth $184,795,784 in the last quarter. 3.70% of the stock is owned by insiders.
Salesforce Profile
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.
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