Alta Capital Management LLC Makes New Investment in Salesforce Inc. $CRM

Key Points

• Alta Capital Management LLC invested in Salesforce Inc. by purchasing 1,120 shares, valued at approximately $305,000 in the second quarter of 2023.
• Salesforce recently reported earnings of $2.91 per share, exceeding analysts' estimates, with a revenue of $10.24 billion for the quarter, reflecting a 9.8% year-over-year increase.
• The company's stock is currently down 1.3%, trading at $236.60, with a consensus target price of $328.22 based on ratings from 39 analysts.

Alta Capital Management LLC purchased a new position in shares of Salesforce Inc. (NYSE:CRM - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,120 shares of the CRM provider's stock, valued at approximately $305,000.

Other institutional investors also recently added to or reduced their stakes in the company. Painted Porch Advisors LLC boosted its position in Salesforce by 260.0% during the 2nd quarter. Painted Porch Advisors LLC now owns 90 shares of the CRM provider's stock worth $25,000 after acquiring an additional 65 shares during the period. Capital A Wealth Management LLC boosted its position in Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after acquiring an additional 90 shares during the period. CBIZ Investment Advisory Services LLC boosted its position in Salesforce by 314.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after acquiring an additional 85 shares during the period. Abound Financial LLC acquired a new position in Salesforce during the 1st quarter worth $31,000. Finally, Christopher J. Hasenberg Inc boosted its position in Salesforce by 383.3% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 116 shares of the CRM provider's stock worth $32,000 after acquiring an additional 92 shares during the period. Institutional investors and hedge funds own 80.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. DA Davidson upgraded Salesforce from an "underperform" rating to a "neutral" rating and set a $225.00 price objective for the company in a report on Friday, August 15th. Royal Bank Of Canada cut their price objective on Salesforce from $275.00 to $250.00 and set a "sector perform" rating for the company in a report on Thursday, September 4th. Bank of America cut their price objective on Salesforce from $350.00 to $325.00 and set a "buy" rating for the company in a report on Tuesday, August 26th. Piper Sandler cut their price objective on Salesforce from $335.00 to $315.00 and set an "overweight" rating for the company in a report on Thursday, September 4th. Finally, Northland Securities lowered Salesforce from an "outperform" rating to a "market perform" rating and set a $264.00 price objective for the company. in a report on Tuesday. Twenty-five investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $328.22.

Insider Buying and Selling at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $236.45, for a total transaction of $532,012.50. Following the transaction, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at approximately $2,816,490,962.95. The trade was a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Blair Kirk purchased 3,400 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The shares were acquired at an average cost of $254.66 per share, for a total transaction of $865,844.00. Following the completion of the transaction, the director directly owned 3,824 shares of the company's stock, valued at $973,819.84. This trade represents a 801.89% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 78,750 shares of company stock worth $19,572,233 over the last three months. 3.00% of the stock is owned by insiders.

Salesforce Stock Down 1.3%

Shares of Salesforce stock opened at $236.60 on Thursday. The stock's fifty day moving average is $244.22 and its 200-day moving average is $258.21. The firm has a market capitalization of $225.24 billion, a PE ratio of 34.39, a price-to-earnings-growth ratio of 2.07 and a beta of 1.19. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.14. Salesforce Inc. has a 12-month low of $226.48 and a 12-month high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, September 3rd. The CRM provider reported $2.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.78 by $0.13. The company had revenue of $10.24 billion for the quarter, compared to analyst estimates of $10.14 billion. Salesforce had a return on equity of 13.27% and a net margin of 16.87%.Salesforce's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.56 earnings per share. Salesforce has set its FY 2026 guidance at 11.330-11.370 EPS. Q3 2026 guidance at 2.840-2.860 EPS. Equities analysts anticipate that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Wednesday, September 17th were given a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, September 17th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.7%. Salesforce's payout ratio is 24.13%.

Salesforce Company Profile

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.

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