GSA Capital Partners LLP Boosts Stake in Salesforce Inc. (NYSE:CRM)

Key Points

• GSA Capital Partners LLP significantly increased its holdings in Salesforce Inc. by 230.4%, acquiring an additional 3,982 shares in the first quarter, bringing their total to 5,710 shares valued at approximately $1.5 million.
• CEO Marc Benioff sold 2,250 shares of Salesforce stock for about $611,000, reducing his ownership slightly but still maintaining over 11.8 million shares.
• Salesforce's stock has received a mix of ratings from analysts, with a consensus rating of "Moderate Buy" and an average price target of $348.16, reflecting optimism about the company's potential.

GSA Capital Partners LLP raised its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 230.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,710 shares of the CRM provider's stock after buying an additional 3,982 shares during the quarter. GSA Capital Partners LLP's holdings in Salesforce were worth $1,532,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CRM. Bernard Wealth Management Corp. acquired a new stake in Salesforce during the fourth quarter worth about $25,000. Accredited Wealth Management LLC acquired a new stake in Salesforce during the fourth quarter worth about $27,000. Capital A Wealth Management LLC grew its holdings in Salesforce by 450.0% during the first 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 grew its holdings in Salesforce by 314.8% during the first 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. Finally, Abound Financial LLC acquired a new stake in Salesforce during the first quarter worth about $31,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Performance

CRM traded down $2.65 during trading on Wednesday, hitting $264.74. 3,913,122 shares of the stock were exchanged, compared to its average volume of 5,561,630. The firm has a market capitalization of $253.09 billion, a P/E ratio of 41.43, a PEG ratio of 2.43 and a beta of 1.36. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The stock has a fifty day moving average price of $266.97 and a two-hundred day moving average price of $283.11. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm's revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.44 earnings per share. As a group, sell-side analysts predict that Salesforce Inc. will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were issued a $0.416 dividend. This represents a $1.66 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's payout ratio is currently 25.98%.

Insider Buying and Selling

In other news, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the transaction, the insider owned 41,422 shares of the company's stock, valued at approximately $12,219,490. The trade was a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $271.69, for a total value of $611,302.50. Following the completion of the transaction, the chief executive officer directly owned 11,862,457 shares in the company, valued at approximately $3,222,910,942.33. The trade was a 0.02% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 37,979 shares of company stock worth $10,303,399. Corporate insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wells Fargo & Company raised their target price on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a report on Thursday, May 29th. Piper Sandler increased their price target on Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 28th. Needham & Company LLC reiterated a "buy" rating and set a $400.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Stephens lowered their price target on Salesforce from $311.00 to $309.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $404.00 price target (up previously from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have assigned a buy rating and four have given 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 $348.16.

About Salesforce

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.