Assetmark Inc. Acquires 6,076 Shares of Salesforce Inc. $CRM

Key Points

• Assetmark Inc. increased its Salesforce stake by 4.5% in the first quarter, buying 6,076 additional shares and bringing its total holdings to 141,158 shares worth about $26.35 million.
• Institutional interest in Salesforce remains strong, with institutions and hedge funds owning 80.43% of the stock; several firms also recently added to or initiated positions.
• Salesforce reported a beat on earnings and revenue in its latest quarter, posting $3.88 EPS versus $3.13 expected and $11.13 billion in revenue, while analysts currently rate the stock Moderate Buy with an average target price of $254.42.

Assetmark Inc. increased its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 141,158 shares of the CRM provider's stock after acquiring an additional 6,076 shares during the period. Assetmark Inc.'s holdings in Salesforce were worth $26,350,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CRM. Temasek Holdings Private Ltd grew its stake in shares of Salesforce by 3.7% during the 4th quarter. Temasek Holdings Private Ltd now owns 683,790 shares of the CRM provider's stock worth $181,143,000 after acquiring an additional 24,332 shares in the last quarter. SFE Investment Counsel lifted its stake in Salesforce by 82.7% in the fourth quarter. SFE Investment Counsel now owns 17,394 shares of the CRM provider's stock valued at $4,608,000 after acquiring an additional 7,871 shares during the last quarter. Secured Retirement Advisors LLC bought a new stake in Salesforce in the first quarter valued at approximately $1,004,000. Hilton Head Capital Partners LLC bought a new position in shares of Salesforce in the fourth quarter valued at about $997,000. Finally, Independent Franchise Partners LLP bought a new position in shares of Salesforce in the fourth quarter valued at about $142,521,000. Institutional investors own 80.43% of the company's stock.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of recent research reports. Susquehanna initiated coverage on shares of Salesforce in a research report on Wednesday, July 1st. They set a "neutral" rating on the stock. Citizens Jmp reissued a "market outperform" rating and issued a $315.00 price objective on shares of Salesforce in a research note on Thursday, May 28th. Canaccord Genuity Group reissued a "buy" rating and issued a $225.00 target price on shares of Salesforce in a report on Tuesday, June 16th. Royal Bank Of Canada downgraded Salesforce from a "sector perform" rating to a "sector perform" rating in a report on Wednesday, July 1st. Finally, KeyCorp downgraded shares of Salesforce from an "overweight" rating to a "sector weight" rating in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $254.42.

Salesforce Trading Down 0.9%

CRM opened at $171.20 on Friday. Salesforce Inc. has a twelve month low of $146.32 and a twelve month high of $274.00. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.15. The company has a fifty day moving average of $170.64 and a 200-day moving average of $191.20. The stock has a market cap of $140.21 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 0.92 and a beta of 1.18.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, May 27th. The CRM provider reported $3.88 earnings per share for the quarter, topping analysts' consensus estimates of $3.13 by $0.75. The business had revenue of $11.13 billion during the quarter, compared to the consensus estimate of $11.05 billion. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. Salesforce's quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.58 earnings per share. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. On average, sell-side analysts predict that Salesforce Inc. will post 10.29 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Thursday, June 11th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, June 11th. Salesforce's payout ratio is currently 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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