Park Place Capital Corp decreased its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 11.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,578 shares of the CRM provider’s stock after selling 872 shares during the quarter. Park Place Capital Corp’s holdings in Salesforce were worth $2,199,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Nabity Jensen Investment Management Inc bought a new position in shares of Salesforce in the third quarter valued at approximately $1,215,000. Prime Capital Investment Advisors LLC raised its position in Salesforce by 13.6% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock valued at $15,885,000 after purchasing an additional 6,938 shares during the last quarter. Aljian Capital Management LLC boosted its stake in Salesforce by 16.1% in the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after purchasing an additional 1,834 shares in the last quarter. AIA Group Ltd grew its holdings 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 worth $6,577,000 after purchasing an additional 1,962 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Salesforce by 1.3% in the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after buying an additional 257,501 shares during the last quarter. 80.43% of the stock is owned by institutional investors.
Insider Activity
In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $290.23, for a total value of $145,115.00. Following the sale, the chief accounting officer now owns 6,506 shares in the company, valued at approximately $1,888,236.38. This represents a 7.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director G Mason Morfit sold 722,300 shares of Salesforce stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the completion of the transaction, the director now directly owns 3,192,009 shares of the company’s stock, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,172,167 shares of company stock valued at $402,223,235. Company insiders own 3.20% of the company’s stock.
Salesforce Price Performance
Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.62 EPS. Sell-side analysts forecast that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.
Salesforce Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.49%. Salesforce’s payout ratio is presently 26.32%.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. raised their price target on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Northland Capmk raised Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Oppenheimer reaffirmed an “outperform” rating and issued a $415.00 target price (up previously from $385.00) on shares of Salesforce in a research note on Wednesday, December 4th. Finally, Cfra set a $343.00 price objective on shares of Salesforce in a report on Thursday, October 17th. One 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $377.63.
View Our Latest Stock Analysis on CRM
Salesforce 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.
Read More
- Five stocks we like better than Salesforce
- What Does Downgrade Mean in Investing?
- Tempus AI: A Game-Changer in AI-Powered Healthcare
- Quiet Period Expirations Explained
- Pelosi Bets Big on AI: This Is What You Need to Know
- Top Stocks Investing in 5G Technology
- Mobileye’s High Short Interest Signals Squeeze Potential
Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce, Inc. (NYSE:CRM – Free Report).
Receive News & Ratings for Salesforce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce and related companies with MarketBeat.com's FREE daily email newsletter.