Summitry LLC grew its stake in shares of Salesforce Inc. (NYSE:CRM – Free Report) by 4.1% in the first quarter, HoldingsChannel reports. The fund owned 223,478 shares of the CRM provider’s stock after buying an additional 8,815 shares during the quarter. Salesforce makes up about 1.5% of Summitry LLC’s portfolio, making the stock its 24th largest position. Summitry LLC’s holdings in Salesforce were worth $41,717,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of CRM. J. Stern & Co. LLP grew its holdings in Salesforce by 24,056.7% in the fourth quarter. J. Stern & Co. LLP now owns 47,385,511 shares of the CRM provider’s stock valued at $12,552,896,000 after purchasing an additional 47,189,352 shares during the period. Norges Bank acquired a new position in Salesforce during the fourth quarter worth approximately $3,182,951,000. Arrowstreet Capital Limited Partnership raised its stake in Salesforce by 130.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 12,659,217 shares of the CRM provider’s stock worth $2,363,096,000 after purchasing an additional 7,160,302 shares during the period. Cardano Risk Management B.V. raised its stake in Salesforce by 924.7% during the fourth quarter. Cardano Risk Management B.V. now owns 3,883,610 shares of the CRM provider’s stock worth $1,028,807,000 after purchasing an additional 3,504,605 shares during the period. Finally, Capital International Investors boosted its holdings in shares of Salesforce by 13.3% in the 4th quarter. Capital International Investors now owns 22,721,010 shares of the CRM provider’s stock valued at $6,019,199,000 after purchasing an additional 2,669,891 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
CRM has been the subject of several research reports. Royal Bank Of Canada cut shares of Salesforce from a “sector perform” rating to a “sector perform” rating in a research note on Wednesday, July 1st. Monness Crespi & Hardt raised Salesforce from a “neutral” rating to a “buy” rating and set a $200.00 target price on the stock in a research report on Thursday, June 18th. Canaccord Genuity Group reiterated a “buy” rating and issued a $225.00 target price on shares of Salesforce in a report on Tuesday, June 16th. Bank of America started coverage on Salesforce in a research report on Monday, May 18th. They set an “underperform” rating and a $160.00 price target for the company. Finally, Wall Street Zen lowered Salesforce from a “buy” rating to a “hold” rating in a research note on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, sixteen have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $249.51.
Salesforce Stock Up 2.0%
Shares of NYSE CRM opened at $184.34 on Friday. The stock has a fifty day moving average price of $170.34 and a 200 day moving average price of $185.01. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.15. Salesforce Inc. has a 12-month low of $146.32 and a 12-month high of $269.11. The company has a market cap of $150.98 billion, a P/E ratio of 21.34, a P/E/G ratio of 0.98 and a beta of 1.18.
Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Wednesday, May 27th. The CRM provider reported $3.88 EPS for the quarter, topping analysts’ consensus estimates of $3.13 by $0.75. Salesforce had a return on equity of 18.72% and a net margin of 18.73%.The company had revenue of $11.13 billion for the quarter, compared to analysts’ expectations of $11.05 billion. During the same quarter in the previous year, the firm posted $2.58 earnings per share. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. Research analysts anticipate that Salesforce Inc. will post 10.27 EPS for the current fiscal year.
Salesforce Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Thursday, June 11th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 1.0%. Salesforce’s payout ratio is 20.37%.
Salesforce Profile
Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.
Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.
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