Caprock Group LLC lifted its stake in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 12.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 37,346 shares of the CRM provider's stock after acquiring an additional 4,204 shares during the period. Caprock Group LLC's holdings in Salesforce were worth $12,501,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in CRM. Foundations Investment Advisors LLC raised its stake in shares of Salesforce by 15.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider's stock valued at $12,194,000 after acquiring an additional 4,752 shares during the last quarter. Nabity Jensen Investment Management Inc bought a new position in shares of Salesforce during the third quarter valued at about $1,215,000. Prime Capital Investment Advisors LLC raised its stake in shares of Salesforce by 13.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider's stock valued at $15,885,000 after acquiring an additional 6,938 shares during the last quarter. Aljian Capital Management LLC raised its stake in shares of Salesforce by 16.1% during the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider's stock valued at $3,629,000 after acquiring an additional 1,834 shares during the last quarter. Finally, AIA Group Ltd raised its stake in shares of Salesforce by 8.9% during the third quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider's stock valued at $6,577,000 after acquiring an additional 1,962 shares during the last quarter. 80.43% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
CRM has been the subject of several recent analyst reports. Barclays upped their price objective on shares of Salesforce from $415.00 to $425.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Loop Capital boosted their price target on shares of Salesforce from $340.00 to $360.00 and gave the company a "hold" rating in a research report on Wednesday, December 4th. Truist Financial reiterated a "buy" rating and set a $400.00 price target (up previously from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Macquarie reiterated a "neutral" rating and set a $370.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Stifel Nicolaus boosted their price target on shares of Salesforce from $390.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $377.63.
Read Our Latest Research Report on Salesforce
Salesforce Stock Performance
Salesforce stock opened at $345.03 on Friday. 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 $212.00 and a 1-year high of $369.00. The firm has a market capitalization of $330.19 billion, a P/E ratio of 56.75, a price-to-earnings-growth ratio of 3.20 and a beta of 1.30. The company's 50-day moving average is $338.68 and its 200 day moving average is $296.75.
Salesforce (NYSE:CRM - Get Free Report) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts' consensus estimates of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter in the prior year, the company earned $1.62 earnings per share. Salesforce's revenue was up 8.3% on a year-over-year basis. Research analysts forecast that Salesforce, Inc. will post 7.48 EPS for the current year.
Salesforce Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.46%. Salesforce's dividend payout ratio is currently 26.32%.
Insiders Place Their Bets
In other news, CAO Sundeep G. Reddy sold 436 shares of the business's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares of the company's stock, valued at approximately $2,344,899.96. The trade was a 5.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Brian Millham sold 708 shares of Salesforce stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $235,254.24. Following the completion of the transaction, the chief operating officer now owns 1,239 shares of the company's stock, valued at $411,694.92. This trade represents a 36.36 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,108,669 shares of company stock valued at $383,286,905. Insiders own 3.20% of the company's stock.
Salesforce Profile
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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.
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