OLD National Bancorp IN Grows Holdings in Salesforce Inc. $CRM

Key Points

• OLD National Bancorp IN increased its Salesforce stake by 4.1% in the first quarter, buying 3,414 additional shares and bringing its total holding to 87,279 shares worth about $16.3 million.
• Salesforce reported strong quarterly results, with EPS of $3.88 beating estimates and revenue of $11.13 billion, up 13.3% year over year.
• The company’s board authorized a $25 billion stock buyback and Salesforce also pays a quarterly dividend of $0.44 per share, while analysts currently rate the stock a Moderate Buy with a consensus target price of $257.61.

OLD National Bancorp IN increased its stake in shares of Salesforce Inc. (NYSE:CRM - Free Report) by 4.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 87,279 shares of the CRM provider's stock after purchasing an additional 3,414 shares during the period. OLD National Bancorp IN's holdings in Salesforce were worth $16,292,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System purchased a new stake in Salesforce in the first quarter valued at approximately $8,923,000. Triangle Securities Wealth Management lifted its stake in Salesforce by 3.4% during the first quarter. Triangle Securities Wealth Management now owns 8,752 shares of the CRM provider's stock worth $1,634,000 after purchasing an additional 284 shares in the last quarter. Silver Oak Securities Incorporated boosted its position in shares of Salesforce by 6.7% during the first quarter. Silver Oak Securities Incorporated now owns 2,803 shares of the CRM provider's stock worth $523,000 after buying an additional 177 shares during the period. Kestra Private Wealth Services LLC grew its stake in shares of Salesforce by 0.4% in the first quarter. Kestra Private Wealth Services LLC now owns 70,011 shares of the CRM provider's stock valued at $13,069,000 after buying an additional 250 shares in the last quarter. Finally, Norway Savings Bank grew its stake in shares of Salesforce by 1.5% in the first quarter. Norway Savings Bank now owns 11,986 shares of the CRM provider's stock valued at $2,237,000 after buying an additional 182 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.

Salesforce Trading Down 1.5%

NYSE:CRM opened at $150.39 on Friday. The firm has a market cap of $123.17 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 0.95 and a beta of 1.16. The stock has a fifty day moving average price of $175.95 and a 200 day moving average price of $201.50. Salesforce Inc. has a 12-month low of $146.32 and a 12-month high of $276.80. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.15.

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

Salesforce announced that its Board of Directors has authorized a stock buyback plan on Monday, March 16th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the CRM provider to reacquire up to 14.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Thursday, June 11th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.2%. Salesforce's payout ratio is currently 20.37%.

Analyst Upgrades and Downgrades

CRM has been the topic of several research reports. Jefferies Financial Group reissued a "buy" rating on shares of Salesforce in a research note on Monday, June 15th. Daiwa Securities Group dropped their target price on Salesforce from $295.00 to $280.00 and set a "buy" rating for the company in a research report on Tuesday, June 2nd. B. Riley Financial boosted their price target on shares of Salesforce from $205.00 to $240.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Roth Mkm reissued a "buy" rating and set a $325.00 price target on shares of Salesforce in a research report on Thursday, May 28th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $250.00 price objective on shares of Salesforce in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, eleven have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Salesforce presently has a consensus rating of "Moderate Buy" and a consensus target price of $257.61.

Salesforce Company 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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