CRM

Objective Capital Management LLC Takes $246,000 Position in Salesforce, Inc. (NYSE:CRM)

June 17, 2024

20 4 minutes read

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Objective Capital Management LLC purchased a new stake in Salesforce, Inc. (NYSE:CRM – Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 935 shares of the CRM provider’s stock, valued at approximately $246,000.

A number of other institutional investors also recently modified their holdings of CRM. Graypoint LLC increased its position in Salesforce by 0.3% in the 4th quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock valued at $2,764,000 after buying an additional 36 shares in the last quarter. Chase Investment Counsel Corp increased its position in Salesforce by 0.3% in the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock valued at $2,730,000 after buying an additional 36 shares in the last quarter. JFS Wealth Advisors LLC increased its position in Salesforce by 11.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock valued at $93,000 after buying an additional 36 shares in the last quarter. Opes Wealth Management LLC increased its position in Salesforce by 2.9% in the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after buying an additional 37 shares in the last quarter. Finally, Prentice Wealth Management LLC increased its position in Salesforce by 1.7% in the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after buying an additional 38 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Trading Down 0.2 %

Shares of CRM stock opened at $231.45 on Monday. The company’s fifty day simple moving average is $268.79 and its two-hundred day simple moving average is $277.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The stock has a market capitalization of $224.28 billion, a price-to-earnings ratio of 41.72, a PEG ratio of 2.04 and a beta of 1.26.

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

Insider Transactions at Salesforce

In related news, Director Craig Conway sold 6,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $239.64, for a total value of $1,437,840.00. Following the completion of the transaction, the director now directly owns 6,855 shares in the company, valued at $1,642,732.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Craig Conway sold 6,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $239.64, for a total value of $1,437,840.00. Following the completion of the transaction, the director now directly owns 6,855 shares in the company, valued at $1,642,732.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 942 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $305.46, for a total transaction of $287,743.32. Following the completion of the transaction, the chief financial officer now owns 39,416 shares of the company’s stock, valued at $12,040,011.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 634,670 shares of company stock valued at $178,310,008. 3.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on CRM. BMO Capital Markets cut their price target on Salesforce from $335.00 to $265.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Wolfe Research reiterated an “outperform” rating and set a $365.00 price target on shares of Salesforce in a research note on Tuesday, April 16th. Barclays cut their price target on Salesforce from $355.00 to $305.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. KeyCorp began coverage on Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating for the company. Finally, StockNews.com downgraded Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $292.79.

View Our Latest Research Report on Salesforce

About Salesforce

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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.