OneAscent Family Office LLC has acquired a new stake in Salesforce Inc. (NYSE: CRM), purchasing 821 shares valued at approximately $221,000. This investment was disclosed in the firm’s recent filing with the Securities and Exchange Commission (SEC) for the first quarter of 2023.
Several other institutional investors have also altered their positions in Salesforce. Notably, Norges Bank entered the fourth quarter with a new investment in Salesforce shares worth roughly $3.6 billion. Additionally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main significantly increased its holdings by 926.4%, acquiring 3,841,521 additional shares. This brought its total ownership to 4,256,211 shares valued at approximately $1.42 billion.
GAMMA Investing LLC has made headlines with a staggering 30,456.9% increase in its holdings during the first quarter, now owning 3,801,588 shares valued at around $1.02 billion. Invesco Ltd. also boosted its investment by 42.5% in the fourth quarter, accumulating 7,791,015 shares valued at approximately $2.60 billion. Northern Trust Corp raised its stake by 18.3%, owning 11,224,927 shares valued at $3.75 billion after acquiring an additional 1,736,667 shares. Collectively, hedge funds and institutional investors now hold 80.43% of Salesforce’s stock.
As of the latest trading session, Salesforce shares opened at $262.40, reflecting a 1.0% increase. The stock’s fifty-day moving average price stands at $270.45, while the two-hundred-day moving average is $286.17. Over the past year, Salesforce’s stock has fluctuated, with a 52-week low of $230.00 and a high of $369.00. The company boasts a market capitalization of $250.85 billion, a price-to-earnings ratio of 41.06, and a beta of 1.36.
Dividend Announcement and Analyst Ratings
Salesforce recently announced a quarterly dividend, which was paid on July 10, 2023. Shareholders of record on June 18, 2023, received a dividend of $0.416, translating to an annualized dividend of $1.66 and a yield of 0.63%. The company’s current payout ratio stands at 25.98%.
In the realm of analyst evaluations, various firms have adjusted their ratings and price targets for Salesforce. Citigroup lowered its price objective from $320.00 to $295.00, maintaining a “neutral” rating. JMP Securities reaffirmed a “market outperform” rating and set a target of $430.00. Meanwhile, Morgan Stanley increased its price objective from $393.00 to $404.00, maintaining an “overweight” rating. Wells Fargo adjusted its target from $255.00 to $275.00 while rating the stock as “equal weight.” Erste Group Bank downgraded its recommendation from “buy” to “hold.” Overall, MarketBeat.com indicates that there are currently three sell ratings, eight hold ratings, twenty-seven buy ratings, and four strong buy ratings for Salesforce, resulting in an average rating of “Moderate Buy” with a target price of $348.16.
Insider Transactions
In addition to institutional investments, insider trading has also been noteworthy. R. David Schmaier sold 4,586 shares on April 23, 2023, at an average price of $253.66, amounting to approximately $1.16 million. Following this transaction, Schmaier retains 33,273 shares valued at about $8.44 million. Additionally, Srinivas Tallapragada sold 6,697 shares on May 14, 2023, fetching around $1.98 million at an average price of $295.00. This sale reduced his ownership to 41,422 shares valued at approximately $12.22 million. Over the past ninety days, insiders have sold a total of 33,819 shares worth close to $9.11 million. Company insiders currently own 3.20% of the company’s stock.
Salesforce, Inc. is recognized for its Customer Relationship Management (CRM) technology, connecting businesses and customers globally. Its services encompass sales data management, lead monitoring, opportunity forecasting, and personalized customer support solutions.
As the market evolves, Salesforce continues to attract significant interest from both institutional investors and analysts, reflecting its pivotal role in the CRM landscape.
