Cardinal Point Capital Management ULC Buys New Position in Salesforce Inc. $CRM

Key Points

• Cardinal Point Capital Management ULC acquired a new position in Salesforce Inc. by purchasing 1,440 shares valued at approximately $393,000 during the second quarter of 2023.
• Salesforce reported a quarterly earnings per share of $2.91, exceeding analysts' estimates, and noted a 9.8% year-over-year revenue growth, totaling $10.24 billion.
• The company recently paid a quarterly dividend of $0.416 per share, representing an annualized yield of 0.7% with a payout ratio of 24.13%.

Cardinal Point Capital Management ULC bought a new stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,440 shares of the CRM provider's stock, valued at approximately $393,000.

Several other large investors also recently added to or reduced their stakes in CRM. Brighton Jones LLC grew its position in Salesforce by 13.7% during the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider's stock valued at $8,582,000 after buying an additional 3,102 shares during the period. Revolve Wealth Partners LLC lifted its holdings in Salesforce by 12.6% during the fourth quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider's stock valued at $611,000 after purchasing an additional 205 shares in the last quarter. Bison Wealth LLC lifted its holdings in Salesforce by 9.0% during the fourth quarter. Bison Wealth LLC now owns 2,234 shares of the CRM provider's stock valued at $747,000 after purchasing an additional 184 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Salesforce by 13.9% during the first quarter. GAMMA Investing LLC now owns 14,166 shares of the CRM provider's stock valued at $3,802,000 after purchasing an additional 1,725 shares in the last quarter. Finally, Pure Financial Advisors LLC lifted its holdings in Salesforce by 33.9% during the first quarter. Pure Financial Advisors LLC now owns 1,833 shares of the CRM provider's stock valued at $492,000 after purchasing an additional 464 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Price Performance

Salesforce stock opened at $254.93 on Friday. The company has a market cap of $242.69 billion, a price-to-earnings ratio of 37.05, a PEG ratio of 2.14 and a beta of 1.19. The firm's fifty day moving average is $246.53 and its 200 day moving average is $258.07. 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 52-week low of $226.48 and a 52-week high of $369.00.

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

Salesforce Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Royal Bank Of Canada lowered their price target on shares of Salesforce from $275.00 to $250.00 and set a "sector perform" rating on the stock in a report on Thursday, September 4th. UBS Group lowered their price target on shares of Salesforce from $300.00 to $260.00 and set a "neutral" rating on the stock in a report on Monday, August 18th. Morgan Stanley boosted their target price on shares of Salesforce from $404.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Barclays lowered their target price on shares of Salesforce from $347.00 to $316.00 and set an "overweight" rating on the stock in a report on Monday, August 18th. Finally, Wall Street Zen raised shares of Salesforce from a "hold" rating to a "buy" rating in a report on Saturday, October 11th. Twenty-five investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $325.23.

Insiders Place Their Bets

In other news, Director David Blair Kirk acquired 3,400 shares of the business's stock in a transaction on Tuesday, September 9th. The shares were acquired at an average price 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 approximately $973,819.84. The trade was a 801.89% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Marc Benioff sold 2,250 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $246.07, for a total transaction of $553,657.50. Following the completion of the transaction, the chief executive officer owned 11,911,571 shares in the company, valued at approximately $2,931,080,275.97. The trade was a 0.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,750 shares of company stock worth $19,424,880 in the last quarter. Company insiders own 3.00% of the company's stock.

Salesforce 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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