CRM

Bayesian Capital Management LP Has $12.97 Million Position in Salesforce, Inc. (NYSE:CRM)

June 13, 2024

15 4 minutes read

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Bayesian Capital Management LP lowered its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 23.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 49,300 shares of the CRM provider’s stock after selling 15,200 shares during the period. Salesforce accounts for about 1.4% of Bayesian Capital Management LP’s holdings, making the stock its 7th biggest position. Bayesian Capital Management LP’s holdings in Salesforce were worth $12,973,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CRM. Marks Group Wealth Management Inc raised its holdings in shares of Salesforce by 0.7% in the 4th quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after acquiring an additional 257 shares during the last quarter. Roman Butler Fullerton & Co. raised its stake in shares of Salesforce by 1.4% in the fourth quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock worth $2,206,000 after purchasing an additional 105 shares during the last quarter. Parnassus Investments LLC lifted its holdings in shares of Salesforce by 0.3% in the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock valued at $1,566,055,000 after purchasing an additional 18,397 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Salesforce by 32.6% during the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock valued at $207,756,000 after buying an additional 194,224 shares during the last quarter. Finally, Pure Financial Advisors LLC purchased a new position in shares of Salesforce during the fourth quarter valued at approximately $214,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Price Performance

Salesforce stock opened at $235.71 on Thursday. The stock has a market cap of $228.40 billion, a price-to-earnings ratio of 42.39, a PEG ratio of 2.12 and a beta of 1.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a 50-day simple moving average of $271.49 and a 200 day simple moving average of $276.86. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping the consensus estimate of $2.38 by $0.06. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. Salesforce’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.15 earnings per share. On average, research analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Insider Activity

In related news, Director G Mason Morfit bought 428,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was bought at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the transaction, the director now owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director G Mason Morfit bought 428,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was bought at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the transaction, the director now directly owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 942 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $305.46, for a total transaction of $287,743.32. Following the transaction, the chief financial officer now owns 39,416 shares in the company, valued at $12,040,011.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 649,670 shares of company stock worth $182,751,808. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CRM shares. Royal Bank of Canada restated an “outperform” rating and set a $350.00 price objective on shares of Salesforce in a research note on Friday, May 24th. Sanford C. Bernstein boosted their price target on shares of Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating in a report on Thursday, May 30th. Mizuho decreased their price objective on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. StockNews.com downgraded Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Finally, Oppenheimer decreased their price target on Salesforce from $325.00 to $280.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $292.79.

Check Out Our Latest Research Report on Salesforce

Salesforce Company 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.