Locust Wood Capital Advisers LLC Boosts Position in Salesforce Inc. $CRM

Key Points

• Locust Wood Capital raised its stake in Salesforce (NYSE:CRM) by 10.5% to 425,920 shares — worth about $116.14 million and representing 3.1% of the firm's portfolio (its 15th largest holding).
• Insider activity was mixed: Director David Blair Kirk bought 3,400 shares at $254.66, while CEO Marc Benioff sold 2,250 shares at $251.12; insiders have sold 51,872 shares (~$12.8M) in the last 90 days and now own 3.0% of the company.
• Salesforce beat quarterly expectations with $2.91 EPS and $10.24B revenue (up 9.8% YoY) and declared a $0.416 quarterly dividend (annualized $1.66, ~0.7% yield).

Locust Wood Capital Advisers LLC raised its holdings in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 10.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 425,920 shares of the CRM provider's stock after buying an additional 40,468 shares during the period. Salesforce comprises 3.1% of Locust Wood Capital Advisers LLC's investment portfolio, making the stock its 15th largest position. Locust Wood Capital Advisers LLC's holdings in Salesforce were worth $116,144,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CRM. Coign Capital Advisors LLC boosted its position in Salesforce by 1.7% during the 1st quarter. Coign Capital Advisors LLC now owns 2,183 shares of the CRM provider's stock worth $586,000 after purchasing an additional 37 shares during the period. Staley Capital Advisers Inc. boosted its position in shares of Salesforce by 1.1% in the first quarter. Staley Capital Advisers Inc. now owns 3,343 shares of the CRM provider's stock worth $897,000 after buying an additional 38 shares during the period. KDT Advisors LLC grew its stake in shares of Salesforce by 4.1% in the first quarter. KDT Advisors LLC now owns 967 shares of the CRM provider's stock valued at $260,000 after buying an additional 38 shares in the last quarter. Scott & Selber Inc. raised its holdings in shares of Salesforce by 0.7% during the 2nd quarter. Scott & Selber Inc. now owns 5,850 shares of the CRM provider's stock valued at $1,595,000 after buying an additional 39 shares during the period. Finally, Hanson & Doremus Investment Management lifted its position in Salesforce by 6.9% during the 2nd quarter. Hanson & Doremus Investment Management now owns 607 shares of the CRM provider's stock worth $166,000 after acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Insider Activity

In other Salesforce news, Director David Blair Kirk acquired 3,400 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was acquired at an average price of $254.66 per share, with a total value of $865,844.00. Following the transaction, the director directly owned 3,824 shares in the company, valued at approximately $973,819.84. This represents a 801.89% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $251.12, for a total transaction of $565,020.00. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at $2,991,233,709.52. This represents a 0.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 51,872 shares of company stock valued at $12,801,203 over the last ninety days. Company insiders own 3.00% of the company's stock.

Salesforce Trading Up 0.9%

NYSE:CRM opened at $234.84 on Wednesday. The company has a market cap of $223.57 billion, a PE ratio of 34.13, a P/E/G ratio of 1.83 and a beta of 1.25. The business's 50 day moving average is $242.92 and its two-hundred day moving average is $253.21. 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 $221.96 and a 52 week high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings results 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 return on equity of 13.27% and a net margin of 16.87%.The business had revenue of $10.24 billion during the quarter, compared to the consensus estimate of $10.14 billion. During the same period in the previous year, the business earned $2.56 EPS. The business's quarterly revenue was up 9.8% on a year-over-year basis. On average, analysts predict that Salesforce Inc. will post 7.46 EPS for the current year.

Salesforce Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have issued reports on CRM shares. Piper Sandler reaffirmed an "overweight" rating and issued a $315.00 price objective on shares of Salesforce in a research report on Thursday, October 16th. Wells Fargo & Company dropped their price target on shares of Salesforce from $275.00 to $265.00 and set an "equal weight" rating on the stock in a research note on Thursday, September 4th. Northland Securities downgraded Salesforce from an "outperform" rating to a "market perform" rating and set a $264.00 target price for the company. in a research note on Tuesday, October 14th. BMO Capital Markets dropped their target price on Salesforce from $335.00 to $280.00 and set an "outperform" rating on the stock in a research report on Thursday, September 4th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $400.00 price target on shares of Salesforce in a report on Thursday, October 16th. Twenty-six research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $325.42.

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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