Salesforce, Inc. (NYSE:CRM) Shares Bought by Mcrae Capital Management Inc.

27 Oct 2024, 17:37 by Sarita Garza · The Markets Daily

Mcrae Capital Management Inc. lifted its position in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 6.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,304 shares of the CRM provider’s stock after purchasing an additional 2,652 shares during the period. Salesforce comprises 2.3% of Mcrae Capital Management Inc.’s portfolio, making the stock its 22nd largest position. Mcrae Capital Management Inc.’s holdings in Salesforce were worth $11,579,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Ruedi Wealth Management Inc. boosted its holdings in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Piscataqua Savings Bank raised its position in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares in the last quarter. Clear Investment Research LLC boosted its stake in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares during the last quarter. Red Tortoise LLC acquired a new stake in shares of Salesforce during the first quarter worth approximately $33,000. Finally, Stephens Consulting LLC increased its stake in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Salesforce

In other Salesforce news, COO Brian Millham sold 969 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $286.56, for a total value of $277,676.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, COO Brian Millham sold 969 shares of Salesforce stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $286.56, for a total value of $277,676.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the sale, the insider now owns 117,581 shares in the company, valued at approximately $28,362,888.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,781 shares of company stock valued at $23,696,593 over the last ninety days. Insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM opened at $290.46 on Friday. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The firm has a market cap of $281.46 billion, a P/E ratio of 52.24, a PEG ratio of 2.61 and a beta of 1.30. The stock has a fifty day moving average price of $269.73 and a two-hundred day moving average price of $263.05. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM – Get Free Report) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter last year, the business posted $1.63 earnings per share. The company’s quarterly revenue was up 8.5% on a year-over-year basis. Research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 28.78%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. DA Davidson increased their price objective on shares of Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Wedbush lifted their price target on Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Robert W. Baird upped their price objective on Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Morgan Stanley lifted their target price on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $345.00 price target on shares of Salesforce in a report on Friday, September 20th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $312.51.

Check Out Our Latest Report on Salesforce

Salesforce Profile

(Free Report)