CRM

Salesforce, Inc. (NYSE:CRM) Shares Sold by GHP Investment Advisors Inc.

April 14, 2024

47 4 minutes read

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GHP Investment Advisors Inc. lowered its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 30.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 149 shares of the CRM provider’s stock after selling 66 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Salesforce were worth $39,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Walkner Condon Financial Advisors LLC grew its position in shares of Salesforce by 2.9% during the third quarter. Walkner Condon Financial Advisors LLC now owns 2,633 shares of the CRM provider’s stock worth $534,000 after buying an additional 74 shares in the last quarter. Pure Financial Advisors LLC acquired a new position in Salesforce in the fourth quarter worth $214,000. Riversedge Advisors LLC boosted its holdings in Salesforce by 21.7% in the third quarter. Riversedge Advisors LLC now owns 2,353 shares of the CRM provider’s stock worth $477,000 after purchasing an additional 420 shares during the period. CHURCHILL MANAGEMENT Corp acquired a new position in Salesforce in the third quarter worth $2,499,000. Finally, Lone Pine Capital LLC boosted its holdings in Salesforce by 47.5% in the third quarter. Lone Pine Capital LLC now owns 2,499,630 shares of the CRM provider’s stock worth $506,875,000 after purchasing an additional 804,634 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on shares of Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. BMO Capital Markets lifted their price objective on shares of Salesforce from $325.00 to $335.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Canaccord Genuity Group reiterated a “buy” rating and issued a $350.00 target price on shares of Salesforce in a research note on Thursday, March 7th. Morgan Stanley upgraded Salesforce from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $290.00 to $350.00 in a research note on Thursday, December 21st. Finally, StockNews.com cut Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $305.77.

Check Out Our Latest Stock Report on Salesforce

Salesforce Trading Down 1.6 %

Shares of CRM opened at $294.32 on Friday. The business’s 50-day moving average price is $298.82 and its 200 day moving average price is $259.37. The stock has a market capitalization of $285.49 billion, a P/E ratio of 70.08, a P/E/G ratio of 2.30 and a beta of 1.28. Salesforce, Inc. has a 1-year low of $190.45 and a 1-year high of $318.71. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. Salesforce’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the business posted $1.01 EPS. Analysts expect that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.54%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the transaction, the chief executive officer now owns 13,311,166 shares of the company’s stock, valued at approximately $4,200,205,319.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total transaction of $60,201.36. Following the completion of the sale, the chief accounting officer now directly owns 2,869 shares in the company, valued at approximately $799,618.99. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $315.54, for a total value of $4,733,100.00. Following the sale, the chief executive officer now owns 13,311,166 shares of the company’s stock, valued at $4,200,205,319.64. The disclosure for this sale can be found here. Insiders have sold a total of 907,375 shares of company stock valued at $262,519,346 in the last 90 days. 3.70% of the stock is currently owned by corporate insiders.

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.