CRM

V Square Quantitative Management LLC Buys 8,913 Shares of Salesforce, Inc. (NYSE:CRM)

June 16, 2024

20 4 minutes read

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V Square Quantitative Management LLC boosted its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 117.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 16,486 shares of the CRM provider’s stock after buying an additional 8,913 shares during the period. Salesforce makes up approximately 1.0% of V Square Quantitative Management LLC’s holdings, making the stock its 13th largest holding. V Square Quantitative Management LLC’s holdings in Salesforce were worth $4,338,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of CRM. Capital World Investors grew its holdings in Salesforce by 2.4% during the 4th quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock valued at $5,147,402,000 after purchasing an additional 457,463 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Salesforce by 5.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after buying an additional 752,566 shares during the period. Capital International Investors raised its holdings in shares of Salesforce by 76.4% in the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after buying an additional 5,935,973 shares during the period. Northern Trust Corp lifted its stake in shares of Salesforce by 1.1% during the 3rd quarter. Northern Trust Corp now owns 11,195,108 shares of the CRM provider’s stock worth $2,270,144,000 after acquiring an additional 121,436 shares during the last quarter. Finally, Norges Bank purchased a new position in Salesforce during the 4th quarter valued at $2,762,331,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Trading Up 1.3 %

Shares of Salesforce stock opened at $231.94 on Friday. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $224.75 billion, a PE ratio of 41.72, a price-to-earnings-growth ratio of 2.01 and a beta of 1.25. The firm has a fifty day moving average price of $268.79 and a 200 day moving average price of $276.94.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wolfe Research reiterated an “outperform” rating and set a $365.00 price objective on shares of Salesforce in a report on Tuesday, April 16th. Oppenheimer cut their price target on Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Sanford C. Bernstein upped their price objective on shares of Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating in a research note on Thursday, May 30th. Canaccord Genuity Group dropped their price objective 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, DA Davidson reduced their price objective on shares of Salesforce from $300.00 to $230.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $292.79.

Get Our Latest Stock Report on CRM

Insiders Place Their Bets

In other news, Director G Mason Morfit bought 428,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the purchase, the director now directly owns 3,914,309 shares in the company, valued at approximately $912,699,429.53. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Salesforce news, Director G Mason Morfit bought 428,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were purchased at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the transaction, the director now directly owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the transaction, the chief executive officer now owns 12,407,327 shares in the company, valued at approximately $2,688,171,467.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 634,670 shares of company stock worth $178,310,008. Corporate insiders own 3.20% of the company’s stock.

About Salesforce

(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.