CRM

CoreCap Advisors LLC Sells 4,805 Shares of Salesforce, Inc. (NYSE:CRM)

March 28, 2024

35 4 minutes read

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CoreCap Advisors LLC reduced its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 70.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,987 shares of the CRM provider’s stock after selling 4,805 shares during the quarter. CoreCap Advisors LLC’s holdings in Salesforce were worth $523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of CRM. Norges Bank bought a new position in shares of Salesforce during the fourth quarter worth $1,420,381,000. Moneta Group Investment Advisors LLC boosted its position in shares of Salesforce by 125,717.4% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock worth $1,360,428,000 after acquiring an additional 10,252,257 shares during the last quarter. Starboard Value LP bought a new position in shares of Salesforce during the fourth quarter worth $401,215,000. Ontario Teachers Pension Plan Board bought a new position in shares of Salesforce during the second quarter worth $352,498,000. Finally, Barclays PLC lifted its position in Salesforce by 99.7% during the second quarter. Barclays PLC now owns 3,196,861 shares of the CRM provider’s stock valued at $675,370,000 after purchasing an additional 1,595,733 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Price Performance

NYSE:CRM opened at $305.98 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $296.80 billion, a price-to-earnings ratio of 72.85, a price-to-earnings-growth ratio of 2.37 and a beta of 1.28. The company has a 50 day moving average price of $292.17 and a 200-day moving average price of $250.60. Salesforce, Inc. has a 1-year low of $187.31 and a 1-year high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, topping the consensus estimate of $1.72 by $0.06. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 EPS. Equities research analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.52%. The ex-dividend date is Wednesday, March 13th. Salesforce’s payout ratio is presently 9.52%.

Analyst Ratings Changes

Several equities analysts have commented on CRM shares. Needham & Company LLC increased their price objective on shares of Salesforce from $275.00 to $345.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. increased their price objective on shares of Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. UBS Group increased their price objective on shares of Salesforce from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. JMP Securities increased their price objective on shares of Salesforce from $293.00 to $342.00 and gave the company a “market outperform” rating in a research report on Thursday, February 29th. Finally, Oppenheimer increased their target price on shares of Salesforce from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Monday, February 12th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $304.32.

Check Out Our Latest Stock Report on CRM

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 12,249 shares of Salesforce stock in a transaction on Friday, December 29th. The shares were sold at an average price of $264.94, for a total transaction of $3,245,250.06. Following the sale, the chief financial officer now owns 37,979 shares of the company’s stock, valued at approximately $10,062,156.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 12,249 shares of Salesforce stock in a transaction on Friday, December 29th. The shares were sold at an average price of $264.94, for a total transaction of $3,245,250.06. Following the sale, the chief financial officer now owns 37,979 shares of the company’s stock, valued at approximately $10,062,156.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $251.61, for a total transaction of $3,774,150.00. Following the sale, the chief executive officer now directly owns 13,896,166 shares in the company, valued at approximately $3,496,414,327.26. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,141,620 shares of company stock valued at $319,126,842. 3.70% of the stock is owned by corporate insiders.

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.