Great Valley Advisor Group Inc. Grows Stake in Salesforce, Inc. (NYSE:CRM)

23 Nov 2024, 17:14 by Sarita Garza · The Markets Daily

Great Valley Advisor Group Inc. boosted its position in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 16.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,921 shares of the CRM provider’s stock after buying an additional 9,644 shares during the period. Great Valley Advisor Group Inc.’s holdings in Salesforce were worth $18,590,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Prime Capital Investment Advisors LLC grew its holdings in shares of Salesforce by 13.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after buying an additional 6,938 shares in the last quarter. Aljian Capital Management LLC boosted its holdings in shares of Salesforce by 16.1% during the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after purchasing an additional 1,834 shares during the last quarter. AIA Group Ltd grew its position in shares of Salesforce by 8.9% in the third quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock valued at $6,577,000 after purchasing an additional 1,962 shares in the last quarter. Harvest Portfolios Group Inc. lifted its position in Salesforce by 13.6% during the third quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider’s stock worth $24,387,000 after buying an additional 10,656 shares in the last quarter. Finally, XN LP grew its holdings in Salesforce by 24.2% in the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after buying an additional 90,616 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Oppenheimer reissued an “outperform” rating and issued a $385.00 price objective (up previously from $330.00) on shares of Salesforce in a report on Thursday. JMP Securities lifted their target price on Salesforce from $342.00 to $450.00 and gave the company a “market outperform” rating in a research report on Friday. Stifel Nicolaus boosted their price objective on shares of Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a report on Monday, October 28th. Loop Capital increased their target price on shares of Salesforce from $270.00 to $340.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. Finally, Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Eight research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $336.37.

Read Our Latest Analysis on CRM

Salesforce Stock Up 1.9 %

Shares of NYSE CRM opened at $342.12 on Friday. The business has a 50-day moving average price of $294.61 and a 200 day moving average price of $268.66. The stock has a market cap of $327.07 billion, a PE ratio of 59.50, a price-to-earnings-growth ratio of 3.04 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $348.86.

Salesforce (NYSE:CRM – Get Free Report) last posted 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. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.63 earnings per share. Equities research analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

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

Insider Transactions at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total value of $1,104,180.00. Following the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,912,044.90. The trade was a 3.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This trade represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 147,991 shares of company stock worth $43,333,238. Company insiders own 3.20% of the company’s stock.

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