CRM

Old Well Partners LLC Increases Stock Holdings in Salesforce, Inc. (NYSE:CRM)

June 15, 2024

18 4 minutes read

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Old Well Partners LLC boosted its position in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 10.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,200 shares of the CRM provider’s stock after purchasing an additional 500 shares during the period. Salesforce makes up 1.3% of Old Well Partners LLC’s holdings, making the stock its 24th biggest holding. Old Well Partners LLC’s holdings in Salesforce were worth $1,368,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. First Heartland Consultants Inc. grew its holdings in shares of Salesforce by 11.5% during the 3rd quarter. First Heartland Consultants Inc. now owns 1,506 shares of the CRM provider’s stock worth $305,000 after purchasing an additional 155 shares during the period. Montag A & Associates Inc. boosted its stake in Salesforce by 25.8% during the third quarter. Montag A & Associates Inc. now owns 3,031 shares of the CRM provider’s stock worth $615,000 after buying an additional 622 shares during the period. Formidable Asset Management LLC increased its position in shares of Salesforce by 4.2% during the third quarter. Formidable Asset Management LLC now owns 1,241 shares of the CRM provider’s stock valued at $252,000 after acquiring an additional 50 shares during the last quarter. White Pine Capital LLC raised its stake in shares of Salesforce by 48.9% in the 3rd quarter. White Pine Capital LLC now owns 1,459 shares of the CRM provider’s stock valued at $296,000 after acquiring an additional 479 shares during the period. Finally, Atomi Financial Group Inc. lifted its holdings in shares of Salesforce by 7.5% in the 3rd quarter. Atomi Financial Group Inc. now owns 3,040 shares of the CRM provider’s stock worth $617,000 after acquiring an additional 211 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Price Performance

CRM stock opened at $231.89 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $224.70 billion, a P/E ratio of 41.71, a PEG ratio of 2.07 and a beta of 1.25. The business has a 50 day simple moving average of $268.79 and a 200-day simple moving average of $276.58. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The firm had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. Salesforce’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.15 EPS. As a group, equities analysts anticipate that Salesforce, Inc. will post 7.47 EPS for the current year.

Insider Buying and Selling

In other Salesforce news, Director Craig Conway sold 6,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total transaction of $1,437,840.00. Following the completion of the sale, the director now directly owns 6,855 shares of the company’s stock, valued at approximately $1,642,732.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig Conway sold 6,000 shares of Salesforce stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $239.64, for a total value of $1,437,840.00. Following the completion of the sale, the director now directly owns 6,855 shares in the company, valued at approximately $1,642,732.20. The disclosure for this sale can be found here. Insiders have sold a total of 634,670 shares of company stock valued at $178,310,008 over the last quarter. 3.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on CRM shares. Oppenheimer dropped their target price on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Argus boosted their price objective on Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Raymond James restated a “strong-buy” rating and set a $325.00 target price (down from $380.00) on shares of Salesforce in a report on Thursday, May 30th. Bank of America boosted their price target on shares of Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Finally, Robert W. Baird lowered their price objective on shares of Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $292.79.

View Our Latest Analysis on CRM

About Salesforce

(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.