CRM

Chicago Partners Investment Group LLC Raises Stake in Salesforce, Inc. (NYSE:CRM)

June 16, 2024

23 4 minutes read

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Chicago Partners Investment Group LLC grew its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 1.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,160 shares of the CRM provider’s stock after purchasing an additional 95 shares during the period. Chicago Partners Investment Group LLC’s holdings in Salesforce were worth $1,983,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Bear Mountain Capital Inc. acquired a new position in shares of Salesforce during the 4th quarter worth $26,000. Signature Resources Capital Management LLC acquired a new position in shares of Salesforce during the 4th quarter worth $26,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Salesforce during the 4th quarter worth $31,000. BKM Wealth Management LLC acquired a new position in shares of Salesforce during the 4th quarter worth $34,000. Finally, Pacifica Partners Inc. raised its stake in shares of Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after buying an additional 100 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Truist Financial reaffirmed a “buy” rating and set a $300.00 price target (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Canaccord Genuity Group cut their target price on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Wedbush cut their target price on shares of Salesforce from $325.00 to $315.00 and set an “outperform” rating for the company in a research note on Wednesday, May 29th. JPMorgan Chase & Co. cut their target price on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Finally, Raymond James reissued a “strong-buy” rating and issued a $325.00 target price (down previously from $380.00) on shares of Salesforce in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $292.79.

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Salesforce Trading Up 1.3 %

NYSE:CRM opened at $231.94 on Friday. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The stock has a market cap of $224.75 billion, a price-to-earnings ratio of 41.72, a PEG ratio of 2.04 and a beta of 1.25. The business has a fifty day moving average of $268.79 and a 200-day moving average of $276.94. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

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

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the completion of the transaction, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total value of $3,249,900.00. Following the sale, the chief executive officer now directly owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The disclosure for this sale can be found here. Insiders sold 634,670 shares of company stock valued at $178,310,008 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Profile

(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.