CRM

Processus Wealth & Capital Management LLC Takes Position in Salesforce, Inc. (NYSE:CRM)

June 17, 2024

12 4 minutes read

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Processus Wealth & Capital Management LLC purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 10,000 shares of the CRM provider’s stock, valued at approximately $2,631,000. Salesforce accounts for about 2.6% of Processus Wealth & Capital Management LLC’s holdings, making the stock its 14th biggest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRM. Norges Bank bought a new position in shares of Salesforce during the 4th quarter valued at $2,762,331,000. Capital International Investors increased its stake in shares of Salesforce by 76.4% in the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after purchasing an additional 5,935,973 shares in the last quarter. Cerity Partners LLC increased its stake in shares of Salesforce by 1,254.7% in the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after purchasing an additional 3,226,512 shares in the last quarter. Coatue Management LLC purchased a new stake in shares of Salesforce in the 4th quarter worth $564,188,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Salesforce by 110.3% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,394,912 shares of the CRM provider’s stock worth $893,336,000 after purchasing an additional 1,780,421 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Salesforce news, Director Craig Conway sold 6,000 shares of Salesforce 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 transaction, the director now directly owns 6,855 shares of the company’s stock, valued at $1,642,732.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $299.59, for a total transaction of $4,493,850.00. Following the completion of the sale, the chief executive officer now directly owns 13,131,166 shares in the company, valued at $3,933,966,021.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Craig Conway sold 6,000 shares of Salesforce stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total transaction of $1,437,840.00. Following the sale, the director now owns 6,855 shares of the company’s stock, valued at $1,642,732.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 634,670 shares of company stock valued at $178,310,008. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Performance

Shares of CRM stock opened at $231.94 on Monday. The firm has a market cap of $224.75 billion, a price-to-earnings ratio of 41.72, a PEG ratio of 2.04 and a beta of 1.25. The company’s 50 day moving average is $268.79 and its 200 day moving average is $277.27. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CRM shares. Raymond James restated a “strong-buy” rating and issued a $325.00 price objective (down from $380.00) on shares of Salesforce in a research note on Thursday, May 30th. Wedbush reduced their price objective on Salesforce from $325.00 to $315.00 and set an “outperform” rating for the company in a research note on Wednesday, May 29th. DA Davidson reduced their price objective on Salesforce from $300.00 to $230.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. 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. Finally, Stifel Nicolaus cut their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

Check Out Our Latest Stock 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.