Gateway Investment Advisers LLC raised its holdings in shares of Salesforce, Inc. (NYSE:CRM – Get Rating) by 41.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 264,630 shares of the CRM provider’s stock after purchasing an additional 77,019 shares during the period. Gateway Investment Advisers LLC’s holdings in Salesforce were worth $52,868,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. Fairfield Bush & CO. grew its holdings in Salesforce by 8.7% in the 1st quarter. Fairfield Bush & CO. now owns 4,468 shares of the CRM provider’s stock worth $949,000 after buying an additional 357 shares in the last quarter. Roundview Capital LLC grew its stake in shares of Salesforce by 18.8% in the first quarter. Roundview Capital LLC now owns 24,037 shares of the CRM provider’s stock worth $5,104,000 after purchasing an additional 3,809 shares in the last quarter. Covestor Ltd increased its holdings in shares of Salesforce by 42.8% during the first quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock valued at $132,000 after purchasing an additional 186 shares during the period. Ergoteles LLC bought a new stake in shares of Salesforce during the first quarter valued at about $455,000. Finally, Mackenzie Financial Corp grew its position in Salesforce by 21.3% in the 1st quarter. Mackenzie Financial Corp now owns 860,950 shares of the CRM provider’s stock valued at $182,797,000 after buying an additional 151,440 shares in the last quarter. 81.13% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on the stock. Piper Sandler upped their price target on shares of Salesforce from $230.00 to $248.00 in a research note on Thursday, June 1st. Evercore ISI upped their target price on Salesforce from $230.00 to $240.00 in a research report on Thursday, June 1st. Cowen upped their price objective on Salesforce from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday, February 21st. UBS Group boosted their price target on shares of Salesforce from $162.00 to $210.00 and gave the stock a “neutral” rating in a research report on Thursday, March 2nd. Finally, Stifel Nicolaus raised their price objective on shares of Salesforce from $240.00 to $250.00 in a research report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $220.97.
Insider Buying and Selling at Salesforce
In other news, CEO Marc Benioff sold 500,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $209.14, for a total value of $104,570,000.00. Following the completion of the sale, the chief executive officer now directly owns 16,671,609 shares of the company’s stock, valued at $3,486,700,306.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Salesforce news, insider Parker Harris sold 1,250 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $215.50, for a total value of $269,375.00. Following the completion of the sale, the insider now owns 100,309 shares in the company, valued at approximately $21,616,589.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 500,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $209.14, for a total value of $104,570,000.00. Following the sale, the chief executive officer now owns 16,671,609 shares in the company, valued at $3,486,700,306.26. The disclosure for this sale can be found here. Insiders have sold 675,150 shares of company stock valued at $141,073,537 in the last 90 days. 3.60% of the stock is currently owned by insiders.
Salesforce Stock Performance
CRM stock traded up $2.54 during midday trading on Tuesday, hitting $214.30. 3,996,733 shares of the company traded hands, compared to its average volume of 7,905,098. Salesforce, Inc. has a twelve month low of $126.34 and a twelve month high of $225.00. The stock has a market capitalization of $208.73 billion, a price-to-earnings ratio of 557.28, a price-to-earnings-growth ratio of 2.09 and a beta of 1.24. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.16. The business has a 50 day simple moving average of $204.23 and a 200-day simple moving average of $176.50.
Salesforce (NYSE:CRM – Get Rating) last posted its earnings results on Wednesday, May 31st. The CRM provider reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.08. The business had revenue of $8.25 billion for the quarter, compared to analyst estimates of $8.17 billion. Salesforce had a net margin of 1.18% and a return on equity of 5.75%. During the same period last year, the business posted $0.41 EPS. As a group, equities research analysts predict that Salesforce, Inc. will post 5.26 earnings per share for the current year.
Salesforce announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 1st that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the CRM provider to repurchase up to 10.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
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 relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.