Catalytic Wealth RIA LLC Makes New $2.25 Million Investment in Salesforce, Inc. (NYSE:CRM)
Catalytic Wealth RIA LLC purchased 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 purchased 8,556 shares of the CRM provider’s stock, valued at approximately $2,251,000. Salesforce makes up 1.0% of Catalytic Wealth RIA LLC’s holdings, making the stock its 22nd biggest position.
Other hedge funds have also made changes to their positions in the company. Bear Mountain Capital Inc. acquired a new stake in shares of Salesforce during the fourth quarter valued at $26,000. Signature Resources Capital Management LLC acquired a new stake in Salesforce in the 4th quarter worth about $26,000. Kathleen S. Wright Associates Inc. acquired a new stake in Salesforce in the 4th quarter worth about $31,000. Pacifica Partners Inc. boosted its stake in Salesforce by 333.3% in 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. Finally, BKM Wealth Management LLC acquired a new stake in Salesforce in the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on CRM. Oppenheimer raised their price target on Salesforce from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Monday, February 12th. JPMorgan Chase & Co. lifted their price objective on Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $350.00 price objective on shares of Salesforce in a research note on Wednesday, April 3rd. Wells Fargo & Company reduced their price objective on Salesforce from $310.00 to $300.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 23rd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $360.00 price objective (up from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $310.94.
Read Our Latest Stock Analysis on CRM
Insider Buying and Selling
In related news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 13,311,166 shares in the company, valued at approximately $4,200,205,319.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $315.54, for a total value of $4,733,100.00. Following the completion of the transaction, the chief executive officer now directly owns 13,311,166 shares of the company’s stock, valued at $4,200,205,319.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $299.60, for a total value of $1,258,320.00. Following the completion of the transaction, the insider now directly owns 104,904 shares of the company’s stock, valued at $31,429,238.40. The disclosure for this sale can be found here. Insiders sold 638,070 shares of company stock worth $184,395,926 in the last 90 days. 3.20% of the stock is owned by company insiders.
Salesforce Stock Performance
Shares of CRM stock traded up $2.27 during mid-day trading on Wednesday, reaching $272.10. The stock had a trading volume of 12,906,722 shares, compared to its average volume of 5,450,530. The firm’s 50 day simple moving average is $285.06 and its 200 day simple moving average is $275.85. 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, Inc. has a one year low of $193.68 and a one year high of $318.71. The firm has a market cap of $263.39 billion, a PE ratio of 64.79, a P/E/G ratio of 2.40 and a beta of 1.30.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The company had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter last year, the company earned $1.15 EPS. The company’s quarterly revenue was up 10.7% on a year-over-year basis. On average, analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current year.
About Salesforce
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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