Sierra Summit Advisors LLC Takes Position in Salesforce, Inc. (NYSE:CRM)
Sierra Summit Advisors LLC purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 29,024 shares of the CRM provider’s stock, valued at approximately $7,637,000. Salesforce comprises about 2.2% of Sierra Summit Advisors LLC’s portfolio, making the stock its 12th biggest holding.
A number of other institutional investors have also recently made changes to their positions in the stock. Raleigh Capital Management Inc. boosted its holdings in shares of Salesforce by 12.2% during the 4th quarter. Raleigh Capital Management Inc. now owns 1,282 shares of the CRM provider’s stock valued at $337,000 after acquiring an additional 139 shares during the last quarter. American Trust bought a new position in shares of Salesforce in the 4th quarter worth approximately $265,000. V Square Quantitative Management LLC lifted its stake in shares of Salesforce by 117.7% in the 4th quarter. V Square Quantitative Management LLC now owns 16,486 shares of the CRM provider’s stock worth $4,338,000 after purchasing an additional 8,913 shares during the period. GLOBALT Investments LLC GA bought a new position in shares of Salesforce in the 4th quarter worth approximately $334,000. Finally, Able Wealth Management LLC bought a new position in shares of Salesforce in the 4th quarter worth approximately $70,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have recently weighed in on the stock. StockNews.com cut shares of Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Piper Sandler decreased their target price on shares of Salesforce from $300.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Wolfe Research restated an “outperform” rating and set a $365.00 target price on shares of Salesforce in a research note on Tuesday, April 16th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $292.79.
Check Out Our Latest Analysis on Salesforce
Insiders Place Their Bets
In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the sale, the chief executive officer now owns 12,407,327 shares in the company, valued at $2,688,171,467.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the sale, the chief executive officer now owns 12,407,327 shares in the company, valued at $2,688,171,467.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 2,890 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $309.32, for a total value of $893,934.80. Following the sale, the insider now owns 60,416 shares in the company, valued at approximately $18,687,877.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 634,670 shares of company stock worth $178,310,008. 3.20% of the stock is owned by corporate insiders.
Salesforce Stock Performance
Shares of Salesforce stock opened at $231.94 on Friday. The company has a market capitalization of $224.75 billion, a PE ratio of 41.72, a P/E/G ratio of 2.04 and a beta of 1.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The company has a 50-day simple moving average of $268.79 and a two-hundred day simple moving average of $276.94. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71.
Salesforce (NYSE:CRM – Get Free Report) last announced its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The business had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.15 earnings per share. Research analysts expect that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.
Salesforce Company Profile
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.
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