CRM

DAVENPORT & Co LLC Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

April 7, 2024

36 4 minutes read

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DAVENPORT & Co LLC boosted its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 3.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,578 shares of the CRM provider’s stock after purchasing an additional 167 shares during the period. DAVENPORT & Co LLC’s holdings in Salesforce were worth $1,205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. State Street Corp increased its position in Salesforce by 0.9% in the first quarter. State Street Corp now owns 45,509,345 shares of the CRM provider’s stock worth $9,091,832,000 after buying an additional 391,648 shares during the last quarter. Morgan Stanley increased its position in Salesforce by 0.8% in the fourth quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock worth $2,519,719,000 after buying an additional 149,012 shares during the last quarter. Northern Trust Corp increased its position in Salesforce by 1.1% in the third quarter. Northern Trust Corp now owns 11,195,108 shares of the CRM provider’s stock worth $2,270,144,000 after buying an additional 121,436 shares during the last quarter. Norges Bank purchased a new position in shares of Salesforce in the fourth quarter valued at $1,420,381,000. Finally, Moneta Group Investment Advisors LLC grew its position in shares of Salesforce by 125,717.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock valued at $1,360,428,000 after purchasing an additional 10,252,257 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $258.59, for a total transaction of $3,878,850.00. Following the transaction, the chief executive officer now owns 13,866,166 shares in the company, valued at approximately $3,585,651,865.94. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $258.59, for a total transaction of $3,878,850.00. Following the transaction, the chief executive officer now owns 13,866,166 shares in the company, valued at approximately $3,585,651,865.94. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Brian Millham sold 24,453 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $302.08, for a total value of $7,386,762.24. The disclosure for this sale can be found here. Insiders have sold a total of 913,175 shares of company stock worth $262,199,146 in the last 90 days. Company insiders own 3.70% of the company’s stock.

Salesforce Stock Up 2.6 %

CRM opened at $301.91 on Friday. The company has a market cap of $292.85 billion, a P/E ratio of 71.88, a P/E/G ratio of 2.26 and a beta of 1.28. The business’s 50-day moving average price is $297.40 and its 200-day moving average price is $256.15. 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, Inc. has a 12 month low of $187.31 and a 12 month high of $318.71.

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

Salesforce Announces Dividend

The firm 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 dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.53%. Salesforce’s dividend payout ratio is presently 9.52%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $350.00 price target on shares of Salesforce in a research report on Thursday, March 7th. Oppenheimer lifted their price target on Salesforce from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Monday, February 12th. Piper Sandler reiterated a “neutral” rating and issued a $285.00 price target on shares of Salesforce in a research report on Wednesday, February 28th. JPMorgan Chase & Co. lifted their price target on Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Finally, Wells Fargo & Company lifted their price target on Salesforce from $280.00 to $290.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 21st. Nine equities research 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’s stock. According to MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $304.97.

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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.