Connect with us

Hi, what are you looking for?

Business

Silphium Asset Management Boosts Salesforce Holdings by 76%

Silphium Asset Management Ltd has significantly increased its investment in Salesforce Inc. by 75.9% during the first quarter of the year, according to its latest 13F filing with the Securities and Exchange Commission (SEC). The asset management firm now holds a total of 13,195 shares of the customer relationship management (CRM) provider, following the purchase of an additional 5,695 shares. Salesforce represents approximately 2.9% of Silphium’s total portfolio, making it the firm’s 17th largest position, with a valuation of about $3.54 million.

Several other institutional investors have also adjusted their stakes in Salesforce. Noteworthy transactions include Bernard Wealth Management Corp., which acquired a new position valued at around $25,000, and Accredited Wealth Management LLC, which invested approximately $27,000 during the fourth quarter. Other firms, such as Abound Financial LLC and Wood Tarver Financial Group LLC, have also initiated positions in Salesforce, with valuations ranging from $31,000 to $35,000. Currently, institutional investors and hedge funds collectively own 80.43% of Salesforce’s stock.

Salesforce’s stock price experienced a modest increase of 1.5%, opening at $273.77 on a recent Wednesday. Key financial indicators reveal a 50-day simple moving average of $272.48 and a 200-day simple moving average of $290.51. The company holds a market capitalization of approximately $261.72 billion, with a price-to-earnings ratio of 42.84 and a beta of 1.36. Over the past year, Salesforce has seen its stock range from a low of $230.00 to a high of $369.00.

Recent Corporate Actions

Salesforce has announced a quarterly dividend of $0.416 per share, scheduled for payment on July 10, 2024. Shareholders of record as of June 18, 2024, will receive this dividend, which translates to an annualized payout of $1.66 and a dividend yield of 0.61%. The company maintains a dividend payout ratio (DPR) of 25.98%.

In terms of insider trading, CAO Sundeep G. Reddy sold 1,525 shares on April 23, 2024, at an average price of $253.66, totaling approximately $386,831.50. Following this transaction, Reddy’s holdings decreased by 11.10%, leaving him with 12,211 shares valued at around $3.1 million. Additionally, CEO Marc Benioff sold 2,250 shares on July 1, 2024, for about $613,080. After the sale, he retains 11,862,457 shares, valued at nearly $3.23 billion. In total, insiders have sold 33,034 shares worth approximately $8.83 million over the last quarter.

Analyst Insights and Future Outlook

Salesforce has recently attracted attention from various analysts. Oppenheimer reaffirmed an “outperform” rating with a target price of $370.00 in a report dated June 10, 2024. Mizuho adjusted their price target from $425.00 to $380.00, maintaining an “outperform” rating. Guggenheim upgraded Salesforce from a “sell” to a “neutral” rating, while Westpark Capital reiterated a “buy” rating with a target of $320.00. Piper Sandler also increased its price target from $315.00 to $335.00, designating the stock as “overweight.”

The consensus among analysts is notably positive, with two rating the stock as a “sell,” eight as a “hold,” twenty-eight as a “buy,” and four as a “strong buy.” According to data from MarketBeat.com, Salesforce currently holds a consensus rating of “Moderate Buy” with an average price target set at $349.08.

Salesforce, Inc. is a global leader in CRM technology, facilitating connections between businesses and customers. Its offerings enable companies to manage data, track leads, forecast opportunities, and provide personalized support through advanced analytics and artificial intelligence.

You May Also Like

Top Stories

California has taken a stand against a federal directive from the Trump administration demanding the exclusion of transgender athletes from girls’ and women’s sports....

Entertainment

Olivia Munn, the acclaimed actress, recently shared an intimate revelation about her personal struggles with trichotillomania, a disorder that compels individuals to pull out...

Top Stories

Frontier, a coalition of technology leaders including Google and Meta, has announced a landmark investment in Arbor, a cutting-edge startup specializing in bioenergy with...

Top Stories

URGENT UPDATE: Affordable motorcycle helmets under ₹1000 are now available for safety-conscious riders across India. With road safety becoming a pressing issue, these helmets...

Entertainment

Fans of My Chemical Romance were taken aback after revelations emerged about guitarist Frank Iero‘s past encounter with the FBI. The incident traces back...

Health

Ng Kuo Pin, CEO of NCS, announced a significant investment of S$130 million in artificial intelligence (AI) over the next three years. This initiative...

Science

New observations from the James Webb Space Telescope (JWST) are transforming our understanding of Europa, one of Jupiter’s moons. These findings reveal that the...

Politics

Lawmakers in Pennsylvania are exploring potential changes to the state’s sales tax exemptions as the General Assembly grapples with a significant budget deficit. This...

Business

Political commentator Brilyn Hollyhand has voiced strong opposition to the prospect of Elon Musk launching a third political party in 2025. In his commentary,...

Politics

President Donald Trump is closely monitoring Republican senators as they navigate a controversial rescissions package that demands significant cuts to foreign aid and public...

Top Stories

The Trump Justice Department has not released a client list related to the late financier Jeffrey Epstein, despite widespread speculation and anticipation. This decision...

Top Stories

UPDATE: Meta Platforms just announced a staggering $14.8 billion investment in AI, ramping up its efforts to dominate the tech landscape. This move comes...

Copyright © All rights reserved. This website provides general news and educational content for informational purposes only. While we strive for accuracy, we do not guarantee the completeness or reliability of the information presented. The content should not be considered professional advice of any kind. Readers are encouraged to verify facts and consult appropriate experts when needed. We are not responsible for any loss or inconvenience resulting from the use of information on this site.