Westwood Holdings Group Inc. Acquires Shares of 300,961 Salesforce, Inc. (NYSE:CRM)
Westwood Holdings Group Inc. bought a new stake in Salesforce, Inc. (NYSE:CRM – Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 300,961 shares of the CRM provider’s stock, valued at approximately $79,195,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in CRM. Norges Bank bought a new stake in Salesforce during the 4th quarter worth about $2,762,331,000. Capital International Investors raised its stake in shares of Salesforce by 76.4% during 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 last quarter. Cerity Partners LLC lifted its holdings in Salesforce by 1,254.7% in the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after buying an additional 3,226,512 shares during the period. International Assets Investment Management LLC boosted its stake in Salesforce by 23,653.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,406,220 shares of the CRM provider’s stock valued at $370,033,000 after acquiring an additional 1,400,300 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado grew its holdings in Salesforce by 443.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,199,924 shares of the CRM provider’s stock worth $315,748,000 after acquiring an additional 979,108 shares during the period. Institutional investors own 80.43% of the company’s stock.
Wall Street Analyst Weigh In
CRM has been the topic of a number of analyst reports. 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. Stifel Nicolaus reduced their target price on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 price target on shares of Salesforce in a research note on Thursday, May 30th. Truist Financial reissued a “buy” rating and set a $300.00 price objective (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $365.00 target price on shares of Salesforce in a research note on Tuesday, April 16th. One research 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 assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $292.79.
Read Our Latest Analysis on Salesforce
Insider Transactions at Salesforce
In other news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 12,407,327 shares in the company, valued at approximately $2,688,171,467.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 12,407,327 shares in the company, valued at approximately $2,688,171,467.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $299.60, for a total value of $1,258,320.00. Following the transaction, the insider now owns 104,904 shares of the company’s stock, valued at $31,429,238.40. The disclosure for this sale can be found here. In the last three months, insiders sold 640,870 shares of company stock worth $182,545,398. 3.20% of the stock is owned by company insiders.
Salesforce Stock Performance
Shares of CRM stock opened at $241.85 on Friday. The company has a fifty day moving average price of $275.34 and a two-hundred day moving average price of $276.53. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The stock has a market cap of $234.35 billion, a P/E ratio of 43.50, a P/E/G ratio of 2.12 and a beta of 1.25. 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 (NYSE:CRM – Get Free Report) last issued its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. The company 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%. Salesforce’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.15 EPS. As a group, equities analysts predict that Salesforce, Inc. will post 7.47 EPS for the current year.
About Salesforce
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.
See Also
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