CRM

Leo Wealth LLC Invests $743,000 in Salesforce, Inc. (NYSE:CRM)

June 18, 2024

14 4 minutes read

Untitled design6 — salesforcecom inc logo 1200x675.pngw240h240zc2

Leo Wealth LLC purchased a new position in Salesforce, Inc. (NYSE:CRM – Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,824 shares of the CRM provider’s stock, valued at approximately $743,000.

Other institutional investors have also recently made changes to their positions in the company. Bear Mountain Capital Inc. purchased a new position in Salesforce in the fourth quarter worth $26,000. Signature Resources Capital Management LLC purchased a new position in Salesforce in the fourth quarter worth $26,000. Kathleen S. Wright Associates Inc. purchased a new position in Salesforce in the fourth quarter worth $31,000. BKM Wealth Management LLC purchased a new position in Salesforce in the fourth quarter worth $34,000. Finally, Pacifica Partners Inc. grew its position in Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

CRM has been the subject of several research reports. UBS Group cut their target price on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Truist Financial restated a “buy” rating and set a $300.00 price target (down from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. Morgan Stanley cut their price target on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Citigroup cut their price target on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Finally, Bank of America upped their price target on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, nine have assigned 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $292.79.

View Our Latest Stock Report 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 Thursday, March 21st. The shares were sold at an average price of $309.64, for a total value of $4,644,600.00. Following the sale, the chief executive officer now owns 13,101,166 shares in the company, valued at $4,056,645,040.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Amy E. Weaver sold 7,075 shares of Salesforce stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the transaction, the chief financial officer now owns 38,483 shares in the company, valued at approximately $11,903,561.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $309.64, for a total transaction of $4,644,600.00. Following the transaction, the chief executive officer now owns 13,101,166 shares in the company, valued at approximately $4,056,645,040.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 615,470 shares of company stock worth $172,557,838. 3.20% of the stock is owned by insiders.

Salesforce Trading Down 0.6 %

NYSE:CRM opened at $230.49 on Tuesday. The company’s 50 day moving average price is $267.36 and its 200-day moving average price is $277.12. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. 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 stock has a market cap of $223.34 billion, a price-to-earnings ratio of 41.46, a PEG ratio of 2.04 and a beta of 1.26.

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

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.