Salesforce, Inc. (NYSE:CRM) Shares Sold by Geneva Capital Management LLC

14 Nov 2024, 16:54 by Mitch Edgeman · The Markets Daily

Geneva Capital Management LLC lessened its holdings in Salesforce, Inc. (NYSE:CRM – Free Report) by 8.0% in the third quarter, HoldingsChannel.com reports. The firm owned 5,628 shares of the CRM provider’s stock after selling 488 shares during the period. Geneva Capital Management LLC’s holdings in Salesforce were worth $1,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in CRM. Umpqua Bank boosted its position in shares of Salesforce by 0.4% in the third quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock valued at $2,110,000 after acquiring an additional 34 shares during the period. Nvwm LLC boosted its position in shares of Salesforce by 1.4% in the third quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after acquiring an additional 36 shares during the period. Prentice Wealth Management LLC lifted its position in Salesforce by 1.5% in the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after purchasing an additional 37 shares during the period. Private Wealth Management Group LLC lifted its position in Salesforce by 11.6% in the third quarter. Private Wealth Management Group LLC now owns 357 shares of the CRM provider’s stock worth $98,000 after purchasing an additional 37 shares during the period. Finally, Pinnacle Wealth Planning Services Inc. lifted its position in Salesforce by 0.8% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after purchasing an additional 38 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRM. FBN Securities raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. BMO Capital Markets raised their target price on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Canaccord Genuity Group raised their target price on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research report on Friday, September 20th. Finally, Cfra set a $343.00 price objective on Salesforce in a report on Thursday, October 17th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $318.23.

Check Out Our Latest Stock Report on CRM

Insider Activity

In other Salesforce news, insider Miguel Milano sold 2,934 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $262.95, for a total value of $771,495.30. Following the sale, the insider now owns 3,716 shares in the company, valued at approximately $977,122.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Miguel Milano sold 2,934 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $262.95, for a total value of $771,495.30. Following the completion of the sale, the insider now owns 3,716 shares in the company, valued at $977,122.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 144,373 shares of company stock worth $41,250,680 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Up 0.2 %

NYSE:CRM opened at $341.72 on Thursday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $348.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $326.68 billion, a PE ratio of 59.43, a price-to-earnings-growth ratio of 3.09 and a beta of 1.29. The business’s 50-day simple moving average is $281.40 and its 200-day simple moving average is $265.31.

Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the business posted $1.63 EPS. Salesforce’s revenue for the quarter was up 8.5% on a year-over-year basis. Sell-side analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Salesforce Profile

(Free Report)

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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.